“Rivian Implements Workforce Reduction Amid Increasing Pressure on EV Pricing”
This is the third round of layoffs for the EV company since July 2022 when Rivian cut 6% of its workforce.
On a full-year basis, Rivian reported revenue of $4.4 billion, up from $1.66 billion in 2022.
It brought in about $39 million in the fourth quarter and $73 million for the full year from the sale of regulatory credits.
On an adjusted basis, it reported a loss of $1.1 billion compared to a $1.5 billion loss in the same year-ago period.
“We took significant steps towards driving greater efficiency in 2023 gross profit per vehicle improved by approximately $81,000 when comparing the fourth quarter of 2023 to the fourth quarter 2022,” Scaringe said on an earnings call Wednesday.
