Rivian trims another 1% of workforce in latest layoff round

In its second round of layoffs in 2024, EV maker Rivian (RIVN) plans to cut another 1% of its workforce. Market Domination Co-Hosts Julie Hyman and Josh Lipton discuss the significance of this on Rivian's position in the electric vehicle market.

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This post was written by Luke Carberry Mogan.

Video transcript

JULIE HYMAN: Let's talk about Rivian too. Those shares are sliding on reports that they're cutting, actually are they sliding? No, they are not sliding. They're in fact still higher. They're sliding--

JOSH LIPTON: Pumping a bit.

JULIE HYMAN: From their highs of the session here. So what's happening is they're cutting more jobs here. The second round of layoffs this year that we're seeing from Rivian. Rivian has obviously been struggling here. They had cut 10% of their salaried staff before, and now they're cutting more jobs. So it could be what about 150 people.

JOSH LIPTON: Yeah. I mean, it's clearly these broader worries too, Julie, for the industry about its EV slowdown ongoing price wars for electric autos. And obviously, for unprofitable, a profitable company like a Rivian or a Lucid, it's even tougher environment to navigate. The stock has been really, I mean, it's now down about 60% this year.

JULIE HYMAN: Yeah.

JOSH LIPTON: That is perhaps, making a lot of bad news. It's worth pointing out, most analysts at this point, bullish on that name.