Electric-vehicle startup Rivian Automotive is laying off 6% of its 14,000 employees, a cash-saving move aimed at responding to inflationary pressures and a rapidly changing economy, according to an internal email sent to workers Wednesday and reviewed by The Wall Street Journal.
The move is part of a cost-cutting effort to ensure Rivian can continue to grow its manufacturing operations without raising additional funds, Chief Executive RJ Scaringe wrote in the email disclosing the layoffs. He confirmed that the layoffs wouldn’t apply to the manufacturing operations in Normal, Ill., where Rivian has its sole factory.