Rivian Slashes Hundreds of Jobs Amid Launch of New Electric SUVs

Rivian Automotive has initiated another round of job cuts, eliminating hundreds of positions as the company tightens spending while rolling out its new R2 line of plug-in electric SUVs. The layoffs, which affect fewer than 2% of Rivian’s workforce, are focused on service and customer operations departments, according to a company spokesperson. Rivian employed more than 15,200 people at the end of the previous year. The move follows the start of customer deliveries for the R2, a lower-cost EV model designed to broaden the brand’s appeal amid lukewarm demand and high prices in the U.S. electric vehicle market. Rivian has conducted multiple rounds of layoffs over the past year to control costs while aiming for consistent profitability. In October, the company cut about 600 jobs ahead of the R2 launch, following smaller reductions in September and June. Rivian’s shares dropped 5.2% in New York trading at 1:24 p.m. after the news broke. The Wall Street Journal first reported the latest layoffs.