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Author Topic: EV Truck maker Rivian ‘is bleeding cash’…  (Read 545 times)

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Online Elderberry

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EV Truck maker Rivian ‘is bleeding cash’…
« on: February 03, 2023, 12:51:34 am »
Reuters by  Abhirup Roy and Akash Sriram 2/1/2023

Exclusive: EV maker Rivian to cut 6% of jobs amid price war -internal memo

SAN FRANCISCO, Feb 1 (Reuters) - Rivian Automotive (RIVN.O) 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.

The company is focusing resources on ramping up vehicle production and reaching profitability, Chief Executive R.J. Scaringe said in an email to employees on Wednesday announcing the job cuts. Reuters obtained a copy of the email.

Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by Elon Musk-led Tesla (TSLA.O) and Ford Motor Co (F.N).

The price cuts by Tesla and Ford are expected to hurt EV upstarts such as Rivian, Lucid Group (LCID.O) and British startup Arrival , which Monday said it would lay off half its staff.

Despite a blockbuster initial public offering in November 2021, Rivian's shares have fallen nearly 90% from their peak that month to Tuesday's close. Rivian's stock was trading down 4% on Nasdaq on Wednesday, paring some losses after news of the job cuts.

More: https://www.reuters.com/business/autos-transportation/ev-maker-rivian-cut-6-jobs-amid-price-war-internal-memo-2023-02-01/
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Online Hoodat

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Re: EV Truck maker Rivian ‘is bleeding cash’…
« Reply #1 on: February 03, 2023, 02:28:55 am »
It was because of Rivian that Brian Kemp enacted much of the Covid restrictions here in Georgia.  He allowed this California company to influence State policy to entice them to build a truck plant in Rutledge.  Lots of corruption here.
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Offline Idiot

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Re: EV Truck maker Rivian ‘is bleeding cash’…
« Reply #2 on: February 03, 2023, 02:50:55 am »
Quote from: Elderberry on February 03, 2023, 12:51:34 am
Reuters by  Abhirup Roy and Akash Sriram 2/1/2023

Exclusive: EV maker Rivian to cut 6% of jobs amid price war -internal memo

SAN FRANCISCO, Feb 1 (Reuters) - Rivian Automotive (RIVN.O) 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.

The company is focusing resources on ramping up vehicle production and reaching profitability, Chief Executive R.J. Scaringe said in an email to employees on Wednesday announcing the job cuts. Reuters obtained a copy of the email.

Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by Elon Musk-led Tesla (TSLA.O) and Ford Motor Co (F.N).

The price cuts by Tesla and Ford are expected to hurt EV upstarts such as Rivian, Lucid Group (LCID.O) and British startup Arrival , which Monday said it would lay off half its staff.

Despite a blockbuster initial public offering in November 2021, Rivian's shares have fallen nearly 90% from their peak that month to Tuesday's close. Rivian's stock was trading down 4% on Nasdaq on Wednesday, paring some losses after news of the job cuts.

More: https://www.reuters.com/business/autos-transportation/ev-maker-rivian-cut-6-jobs-amid-price-war-internal-memo-2023-02-01/
My broker just bought one of those silly things. 
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Offline Wingnut

  • That is the problem with everything. They try and make it better without realizing the old is fine.
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Re: EV Truck maker Rivian ‘is bleeding cash’…
« Reply #3 on: February 03, 2023, 02:53:48 am »
Can you say Solyndra?  I know that you can.
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Offline Kamaji

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Re: EV Truck maker Rivian ‘is bleeding cash’…
« Reply #4 on: February 03, 2023, 10:40:51 am »
I’ve seen one of these trucks, and they’re ugly as sin.
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Offline rustynail

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Re: EV Truck maker Rivian ‘is bleeding cash’…
« Reply #5 on: February 03, 2023, 12:10:41 pm »
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