EV maker Rivian to cut 6% of jobs amid price war (internal memo)
A few snippets from the article:
Rivian Automotive is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry-wide price war.
"They're bleeding cash and would like to grow at a much faster rate, but they continue to struggle with their EV production ramp and have been unable to meaningfully drive down unit costs," CFRA Research analyst Garrett Nelson said. "We think that is what's behind this decision."
Irvine, California-based Rivian, which has about 14,000 employees, will let go of about 840 staff in a move that will not affect manufacturing operations at its plant in Normal, Illinois.
And then from Gene Munster:
Check out the latest episode of All-Things Fisker.
🌊 Ocean One #0469 | Night Drive | Black Abyss Plus | 22” F3b SlipStreams
Again, this is an example of Fisker’s ingenious approach to manufacturing.
Go Henrik! 🏄♂️
And another glaring example of subservience to wall street. 6k loyal workers lose their jobs so it can “help” their cash crunch- never mind the fact that the money saved in this move doesn’t come close to the capital needed. All it did was make some day traders happy.
Will I get my Fisker One delivered before my VW needs its 100K service?? The race is on..
and…… will we still get the $7500 tax credit? Only HF knows…
Which Tesla vehicles is the R1T/R1S competing against? Model X is no where near what the R1S is in capability or luxury.
Fisker Ocean One #2185 | Mariana | MaliBlu | 22” F5 Black AirGliders | 7/9/22 Order | 3/13/23 Lock
2018 Tesla Model 3 LR RWD | 2020 Volvo XC60 Inscription | 2015 Nissan Murano SL | 2012 Chevy Volt (no longer own)
Stock ownership disclosure: Long positions on FSR, QS, RIVN, SLDP, TSLA