And the spate of job losses in tech and linked sectors is not abating now. The latest in series is USbased electric vehicle startups driven automotive that is laying off 6% of its workforce EV maker is already clapping with falling cash reserves.
It's also trying to save costs through recent cost cuts. There is already an industrywide price war going on with Tesla slashing prices of its electric vehicles, leading to pressure on other EV players.
The company is focusing resources on ramping up vehicle production and reaching profitability Rivian shares they have fallen nearly 90% from their peak despite blockbuster IPO in November of 2021. Electric vehicle venture has not been a profitable one for Rivian, which has been losing money on every vehicle it builds.
Company narrowly missed its full year production target of 25,000 vehicles last year as it dealt with supply chain disruptions caused by COVID Pandemic before this in July last year as well, Rivian had laid off its staff.
It suspended some programs as part of a broader restructuring its paired assembly line workers at its sole operational plant in Normal, US.
