Rivian reportedly cutting 600 workers in third layoff of the year

Rivian is reportedly set to reduce its workforce by an additional 600 employees, marking its third layoff event this year. This move affects roughly 4% of the company's total staff, as indicated by The Wall Street Journal. Earlier this year, Rivian had already let go of about 100 to 150 workers in September and June, specifically targeting its commercial and manufacturing divisions. While the company has not disclosed which teams will be impacted by this latest round of layoffs, it comes at a critical time. Rivian is gearing up for the launch of its anticipated mass-market vehicle, the R2 SUV, projected to hit the market in 2026. The company aims to produce up to 150,000 units of this electric vehicle annually at its facility in Normal, Illinois. In addition to its existing operations, Rivian has recently initiated construction on a new factory located near Atlanta. This facility will help broaden production capabilities for the R2 and its various models. However, until the R2 becomes available, Rivian is finding it challenging to sustain sales momentum with its current vehicle offerings. Forecasts suggest that total deliveries by the end of 2025 may fall short, reflecting a 16% decrease compared to sales figures from the previous year.