Following Tesla, Rivian also cuts workforce by 6% amid recession concerns
[Asia Economy New York=Special Correspondent Joselgina] The American electric vehicle startup Rivian is cutting 6% of its total workforce. This move is a response to growing concerns about an economic recession, similar to Tesla, Microsoft (MS), and others.
According to CNN on the 28th (local time), Rivian announced its workforce reduction plan through an email addressed to employees from the CEO. The company mentioned recent macroeconomic changes such as inflation and rising raw material prices, stating, "To fully realize the company's potential, our strategy must support sustainable growth." They also expressed, "We sincerely apologize to the employees who will be leaving Rivian."
Currently, Rivian's workforce is about 14,000 employees, meaning approximately 840 will be laid off.
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Prior to Rivian, major big tech companies such as Tesla, MS, and Google have recently announced consecutive workforce reductions or hiring plan cuts.
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