Amy mast, Malaysian singer

San Francisco, Feb 2 With an aim to cut costs, electric car maker Rivian is laying off 6 per cent of its workforce, the media reported.As reported by Reuters, Rivian's chief executive RJ Scaringe announced the lay-offs in an email to employees, stating that the firm is focusing resources on increasing vehicle manufacturing and achieving profitability.Despite a massive initial public offering in November 2021, the price of Rivian's shares has dropped by about 90 per cent as of Tuesday's closure."We must focus our resources on ramp and our path to profitability," Scaringe wrote in the email.He also apologised to employees for the necessity of the cuts, the report mentioned.In July last year, the electric car maker had confirmed to lay off around 6 per cent of its 14,000 employees, or around 800 people, to ramp up future versions of its electric vehicles.In an email, spokesperson Amy Mast had said that the company made the decision to speed up development on future versions of its electric trucks and SUVs.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Amy Mast, NewsFOLLOW

Amy mast, Latest News

Technology :EV firm Rivian to lay off 6% of its workforce

San Francisco, Feb 2 With an aim to cut costs, electric car maker Rivian is laying off 6 ... ...