Investing.com -- Rivian Automotive laid off less than 2% of its workforce on Tuesday, affecting hundreds of employees across its service, customer, sales, and marketing departments, according to a report from the Wall Street Journal, citing comments from the company.
The electric vehicle maker said the restructuring is designed to reduce costs and improve efficiency as it works toward profitability. The company employed approximately 15,200 people at the end of last year, making the current cuts a small portion of its total staff.
The layoffs represent the latest in several rounds of workforce reductions over the past year as Rivian scales its operations.
The cuts come one week after Rivian launched its new R2 SUV, with pricing starting around $58,000. The company plans to introduce cheaper variants of the model in later production runs.
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