Rivian Layoff 10% Staff and Lowers Production Forecast for 2024

[Tahoe Man]

I know but it’s really bad if Amazon is unwinding their position!

Of course there's a buyer for every seller. But the supply of asking vs bidding indicates the direction of the price. In addition it's making fresh lows. None of this is good news. Neither was RJ's statements after LeBeau cornered him.

I'm hoping to get my investment money back, but will have to consider tax loss incentives at this point.

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[GogglesPisano]

Friend of mine that's been at Rivian for seven years just got laid off as part of the cuts. Terrible situation to be in. Seems the cuts are happening right now. The sad part is that I'm driving an R1S right now because he let me drive his R1T. Not sure I'd even have one if it wasn't for him.

I was at Tesla when they did their 10% cuts. Lots of good people were let go and lots of terrible people were still left because they knew how to brown nose the best.

Let's pour one out for those going home without jobs today.

 

[Kenmecca]

Friend of mine that's been at Rivian for seven years just got laid off as part of the cuts. Terrible situation to be in. Seems the cuts are happening right now. The sad part is that I'm driving an R1S right now because he let me drive his R1T. Not sure I'd even have one if it wasn't for him.

I was at Tesla when they did their 10% cuts. Lots of good people were let go and lots of terrible people were still left because they knew how to brown nose the best.

Let's pour one out for those going home without jobs today.

So sorry to hear of your buddy. May I ask what dept or type of position he had (understand if cant give out due to privacy) just wandered if related to current production or future dev.

 

[Biturbowned]

I don't think public perception of Rivian is a problem, the number of pennies required to purchase current Rivian vehicles is the main obstacle to ownership at this time. There is a finite number of people who have and are willing to spend $80-$100K on an EV at this time when the median selling price of a vehicle in the USA is $48K.

Someone should tell the 1M-ish people who slapped down preorders on Tesla’s 80k claptrap.

 

[Eric9610]

Everyone needs to relax! Let me point out some major items people have missed or are intentionally omitting in reporting.

Compared to Tesla;

It took tesla 7 Years to sell 57k cars in a year. Rivian did this in year 2…

it took tesla 11 year to post a annual profit. Rivian will star having profitable qtr and years in year 3-4.

i would also like to point out that tesla barely sells 24k Model X’s world wide, a car that competes with he R1 platform. technically doubled what tesla does only selling in NA.

Other items:

Project loss in 2024 is half the total loss or less of 2023, big positive in the right direction.
Lower share price is temporary… As soon as March 7th you will see a big rebound when reservation numbers are shared!.

We are in a recession or heading for one so trimming is par for the corse. Expect other auto companies to do the same if they have not already. Look at Google they a re laying off thousands more people with record profit year...

Just my 2 cents.

 

[LetsgoRIVN]

Friend of mine that's been at Rivian for seven years just got laid off as part of the cuts. Terrible situation to be in. Seems the cuts are happening right now. The sad part is that I'm driving an R1S right now because he let me drive his R1T. Not sure I'd even have one if it wasn't for him.

I was at Tesla when they did their 10% cuts. Lots of good people were let go and lots of terrible people were still left because they knew how to brown nose the best.

Let's pour one out for those going home without jobs today.

Sorry to hear that, Actually I wonder how much savings they will have from the 10% cut?

 

[emoore]

I know but it’s really bad if Amazon is unwinding their position!

Way to make stuff up.

 

[GogglesPisano]

So sorry to hear of your buddy. May I ask what dept or type of position he had (understand if cant give out due to privacy) just wandered if related to current production or future dev.

I don't want to give specifics, but his job entailed design quality which covered both current and new designs. Not one of the "cut the fat" positions if you ask me. Decently high up too so I think all levels were affected by this.

 

[emoore]

Of course there's a buyer for every seller. But the supply of asking vs bidding indicates the direction of the price. In addition it's making fresh lows. None of this is good news. Neither was RJ's statements after LeBeau cornered him.

I'm hoping to get my investment money back, but will have to consider tax loss incentives at this point.

Not sure why you bought into a startup if you were expecting to make money in a couple years. It's a long play, not to make a quick buck.

 

[DuoRivians]

Sorry to hear that, Actually I wonder how much savings they will have from the 10% cut?

Probably $250M or so per year

 

[LetsgoRIVN]

Probably $250M or so per year

Hmm interesting. Thx!

 

[Dark-Fx]

I know but it’s really bad if Amazon is unwinding their position!

I heard RJ is going to dump his shares next week.

Hmm, whatother moronic rumours can we start?

Someone really high at Rivian told me that Gary is actually in control and RJ is a puppet.

 

[Grabs10]

Doubt Rivian has the capitol to get Georgia off the ground. Probably needs to look for partners, such as Maybe BYD. Rivian could offer BYD an easier route into the US. But before Georgia it would be nice to see Normal near capacity which I thought it was suppose to be able to build 150k vehicles a year.

 

[SANZC02]

Everyone keeps saying 10% of the work force but that was not what Rivian announced. The announcement was for 10% of the salaried positions and limited non-manufacturing hourly positions.

From the letter; “Tomorrow, we're reducing our salaried employees by approximately 10% along with a limited number of non-manufacturing hourly employees.”

To me that seems like lass than 10% of the workforce, probably does not help that their announcements are not clearly stated and no one reporting has bothered to get a clarification.

 

[DuoRivians]

Everyone keeps saying 10% of the work force but that was not what Rivian announced. The announcement was for 10% of the salaried positions and limited non-manufacturing hourly positions.

From the letter; “Tomorrow, we're reducing our salaried employees by approximately 10% along with a limited number of non-manufacturing hourly employees.”

To me that seems like lass than 10% of the workforce, probably does not help that their announcements are not clearly stated and no one reporting has bothered to get a clarification.

The general tone I got from analysts on the call yesterday was one of exhaustion. It’s like they were hearing the same story, but the numbers weren’t adding up. FWIW, I don’t think the analysts cared one bit about the layoffs. That is, they cared a lot more about the falling demand story than one of runaway costs.

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