SlateStone Wealth chief market strategist Kenny Polcari discusses whether investors are too dependent on AI, Space X’s IPO and his outlook for the markets on ‘Varney & Co.’
Elective vehicle-maker Rivian is laying off hundreds of workers in its service and customer organization.
A company spokesperson told FOX Business that the job cuts represent less than 2% of Rivian’s workforce, which totaled about 15,200 employees at the end of 2025. Workers affected by the layoffs may apply for other open roles at the company.
“We recently restructured a handful of teams within Rivian as we work to profitably scale our business,” the spokesperson said.
AUTOMAKER GEARS UP FOR SELF-DRIVING FUTURE WITH NEW CHIP
Rivian began releasing R2 SUVs last week, which are a key part of its product roadmap. (Scott Olson/Getty Images)
The job cuts took effect on Tuesday and affected Rivian’s service and customer division, which is responsible for sales and marketing duties, as the company looks to restructure its teams to grow efficiently while rolling out a new model.
The Wall Street Journal first reported the layoffs.
Rivian recently conducted multiple rounds of layoffs in the last year while it prepared for the launch of the R2 SUV, which factors heavily into the EV-maker’s roadmap for future products.
RIVIAN CEO DISCUSSES TARIFFS, SAYS EV MAKER HAS ‘VERY US-CENTRIC SUPPLY CHAIN’
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RIVN | RIVIAN AUTOMOTIVE INC. | 15.93 | -0.75 | -4.50% |
It cut over 600 jobs, or 4.5% of its workforce, in October amid softer demand for its vehicles following the expiration of EV tax credits in October.
The R2 officially debuted last week with a variant that had a larger number of optional add-ons for a starting price around $58,000 – while the automaker is planning to release more affordable versions in the future.
RIVIAN TO LAY OFF 10% OF SALARIED STAFF
Rivian also conducted layoffs last year following the expiration of EV tax credits. (Reuters/Kevin Krolicki/File Photo)
The company is hoping that the lower-cost model will broaden demand and strengthen its sales outlook as it strives for profitability.
Rivian has said that it no longer expects to meet its 2027 adjusted core profit target as it ramps up spending on research and development to accelerate its autonomous driving roadmap.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Reuters contributed to this report.
By
