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2023-02-03

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EV Maker Rivian to Cut 6% of Jobs Amid Price War -Internal Memo

SAN FRANCISCO, Feb 1 (Reuters) - Rivian Automotive is laying off 6% of its workforce in an effort to

EV Maker Rivian to Cut 6% of Jobs Amid Price War -Internal Memo

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Scaringe said in an email to employees on Wednesday announcing the job cuts. Reuters obtained a copy of the email.</p><p>Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by Elon Musk-led Tesla    and Ford Motor Co   .</p><p>The price cuts by Tesla and Ford are expected to hurt EV upstarts such as Rivian, Lucid Group    and British startup <a href=\"https://laohu8.com/S/ARVL\">Arrival</a>   , which Monday said it would lay off half its staff.</p><p>Despite a blockbuster initial public offering in November 2021, Rivian&#39;s shares have fallen nearly 90% from their peak that month to Tuesday&#39;s close. Rivian&#39;s stock was trading down 4% on Nasdaq on Wednesday, paring some losses after news of the job cuts.</p><p>&#34;We must focus our resources on ramp and our path to profitability,&#34; Scaringe said in the email, in which he apologized to employees for the necessity of the cuts.</p><p>A Rivian spokesman confirmed the email was sent, but declined further comment.</p><h2>&#39;BLEEDING CASH&#39;</h2><p>&#34;They&#39;re bleeding cash and would like to grow at a much faster rate, but they continue to struggle with their EV production ramp and have been unable to meaningfully drive down unit costs,&#34; CFRA Research analyst Garrett Nelson said. &#34;We think that is what&#39;s behind this decision.&#34;</p><p>Rivian is focusing on ramping up production of its R1 trucks and EDV delivery vans for top shareholder Amazon.com   , and launching its R2 platform, he said. &#34;The changes we are announcing today reflect this focused roadmap.&#34;</p><p>Irvine, California-based Rivian, which has about 14,000 employees, will let go of about 840 staff in a move that will not affect manufacturing operations at its plant in Normal, Illinois.</p><p>Rivian, which has been losing money on every vehicle it builds, narrowly missed its full-year production target of 25,000 vehicles last year as it dealt with supply-chain disruptions caused by the COVID-19 pandemic. It had previously halved that target.</p><p>To further conserve its cash, Rivian late last year shelved plans to build delivery vans in Europe with Mercedes   . Rivian had earlier pushed back by a year to 2026 the planned launch of a smaller R2 vehicle family at the $5 billion plant it is building in Georgia.</p><p>Last July, Rivian, which is scheduled to report fourth-quarter results on Feb. 28, laid off staff and suspended some programs as part of a broader restructuring.</p><p>The company has a market valuation of $17.8 billion. Its cash and cash equivalents stood at $13.27 billion as of Sept. 30, 2022, down from over $18 billion a year earlier.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV Maker Rivian to Cut 6% of Jobs Amid Price War -Internal Memo</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV Maker Rivian to Cut 6% of Jobs Amid Price War -Internal Memo\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-02-02 01:49</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>SAN FRANCISCO, Feb 1 (Reuters) - Rivian Automotive is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry-wide price war.</p><p>The company is focusing resources on ramping up vehicle production and reaching profitability, Chief Executive R.J. Scaringe said in an email to employees on Wednesday announcing the job cuts. Reuters obtained a copy of the email.</p><p>Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by Elon Musk-led Tesla    and Ford Motor Co   .</p><p>The price cuts by Tesla and Ford are expected to hurt EV upstarts such as Rivian, Lucid Group    and British startup <a href=\"https://laohu8.com/S/ARVL\">Arrival</a>   , which Monday said it would lay off half its staff.</p><p>Despite a blockbuster initial public offering in November 2021, Rivian&#39;s shares have fallen nearly 90% from their peak that month to Tuesday&#39;s close. Rivian&#39;s stock was trading down 4% on Nasdaq on Wednesday, paring some losses after news of the job cuts.</p><p>&#34;We must focus our resources on ramp and our path to profitability,&#34; Scaringe said in the email, in which he apologized to employees for the necessity of the cuts.</p><p>A Rivian spokesman confirmed the email was sent, but declined further comment.</p><h2>&#39;BLEEDING CASH&#39;</h2><p>&#34;They&#39;re bleeding cash and would like to grow at a much faster rate, but they continue to struggle with their EV production ramp and have been unable to meaningfully drive down unit costs,&#34; CFRA Research analyst Garrett Nelson said. &#34;We think that is what&#39;s behind this decision.&#34;</p><p>Rivian is focusing on ramping up production of its R1 trucks and EDV delivery vans for top shareholder Amazon.com   , and launching its R2 platform, he said. &#34;The changes we are announcing today reflect this focused roadmap.&#34;</p><p>Irvine, California-based Rivian, which has about 14,000 employees, will let go of about 840 staff in a move that will not affect manufacturing operations at its plant in Normal, Illinois.</p><p>Rivian, which has been losing money on every vehicle it builds, narrowly missed its full-year production target of 25,000 vehicles last year as it dealt with supply-chain disruptions caused by the COVID-19 pandemic. It had previously halved that target.</p><p>To further conserve its cash, Rivian late last year shelved plans to build delivery vans in Europe with Mercedes   . Rivian had earlier pushed back by a year to 2026 the planned launch of a smaller R2 vehicle family at the $5 billion plant it is building in Georgia.</p><p>Last July, Rivian, which is scheduled to report fourth-quarter results on Feb. 28, laid off staff and suspended some programs as part of a broader restructuring.</p><p>The company has a market valuation of $17.8 billion. Its cash and cash equivalents stood at $13.27 billion as of Sept. 30, 2022, down from over $18 billion a year earlier.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc","BK4551":"寇图资本持仓","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0061474960.USD":"天利环球焦点基金AU Acc","TSLA":"特斯拉","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4581":"高盛持仓","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4511":"特斯拉概念","RIVN":"Rivian Automotive, Inc.","BK4585":"ETF&股票定投概念","LU0079474960.USD":"联博美国增长基金A","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0823414478.USD":"法巴经典能源转换基金","BK4122":"互联网与直销零售","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","BK4559":"巴菲特持仓","LU0109392836.USD":"富兰克林科技股A","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","BK4579":"人工智能","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","BK4550":"红杉资本持仓","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","BK4507":"流媒体概念","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0082616367.USD":"摩根大通美国科技A（dist）","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","BK4574":"无人驾驶"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2308405907","content_text":"SAN FRANCISCO, Feb 1 (Reuters) - Rivian Automotive is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry-wide price war.The company is focusing resources on ramping up vehicle production and reaching profitability, Chief Executive R.J. Scaringe said in an email to employees on Wednesday announcing the job cuts. Reuters obtained a copy of the email.Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by Elon Musk-led Tesla    and Ford Motor Co   .The price cuts by Tesla and Ford are expected to hurt EV upstarts such as Rivian, Lucid Group    and British startup Arrival   , which Monday said it would lay off half its staff.Despite a blockbuster initial public offering in November 2021, Rivian's shares have fallen nearly 90% from their peak that month to Tuesday's close. Rivian's stock was trading down 4% on Nasdaq on Wednesday, paring some losses after news of the job cuts.\"We must focus our resources on ramp and our path to profitability,\" Scaringe said in the email, in which he apologized to employees for the necessity of the cuts.A Rivian spokesman confirmed the email was sent, but declined further comment.'BLEEDING CASH'\"They're bleeding cash and would like to grow at a much faster rate, but they continue to struggle with their EV production ramp and have been unable to meaningfully drive down unit costs,\" CFRA Research analyst Garrett Nelson said. \"We think that is what's behind this decision.\"Rivian is focusing on ramping up production of its R1 trucks and EDV delivery vans for top shareholder Amazon.com   , and launching its R2 platform, he said. \"The changes we are announcing today reflect this focused roadmap.\"Irvine, California-based Rivian, which has about 14,000 employees, will let go of about 840 staff in a move that will not affect manufacturing operations at its plant in Normal, Illinois.Rivian, which has been losing money on every vehicle it builds, narrowly missed its full-year production target of 25,000 vehicles last year as it dealt with supply-chain disruptions caused by the COVID-19 pandemic. It had previously halved that target.To further conserve its cash, Rivian late last year shelved plans to build delivery vans in Europe with Mercedes   . Rivian had earlier pushed back by a year to 2026 the planned launch of a smaller R2 vehicle family at the $5 billion plant it is building in Georgia.Last July, Rivian, which is scheduled to report fourth-quarter results on Feb. 28, laid off staff and suspended some programs as part of a broader restructuring.The company has a market valuation of $17.8 billion. Its cash and cash equivalents stood at $13.27 billion as of Sept. 30, 2022, down from over $18 billion a year earlier.","news_type":1,"symbols_score_info":{"LCID":0.9,"TSLA":0.9,"RIVN":0.9}},"isVote":1,"tweetType":1,"viewCount":2546,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}