A Rivian R1S electric vehicle (EV) at a dealership and service center in San Francisco, California, US on Tuesday, June 3, 2025.
David Paul Morris | Bloomberg | Getty Images
detroit – Rivian Automotive The all-electric automaker plans to lay off more than 600 people as it faces growing market challenges.
The Wall Street Journal, J First informed about the plans, About 4% of the company’s workforce will be affected by the layoffs. Rivian had just 15,000 employees at the end of last year.
A source familiar with the plans confirmed the layoffs to CNBC and said additional details would be shared with employees on Thursday.
Rivian and other EV manufacturers face a more challenging market than in recent years amid changing regulations under the Trump administration, including Elimination $7,500 federal incentive to purchase an EV.
In addition to regulatory issues, Rivian faces a lack of new products until next year amid lower-than-expected demand for EVs and the need for cash and earnings losses. Company $1.1 billion lost In the second quarter.
As a buyer, Rivian’s vehicle sales rose 32% year-on-year to 13,201 units in the third quarter. Rushed to buy an EV But before the federal incentives expire at the end of September, the company’s 2025 delivery forecast was cut to 41,500 to 43,500 vehicles from a staggering 46,000 units.
In August Rivian also A Large adjusted core loss This year, it is expected to be between $2 billion and $2.25 billion, up from earlier estimates of $1.7 billion to $1.9 billion.
Shares of Rivian were flat during morning trading on Thursday. The stock is off roughly 3% this year.
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