The United States is currently experiencing an EV recession (called FIRST by Auto Spies) that continues to gain momentum in 2024. This downturn in the electric vehicle (EV) market has affected numerous companies, with Rivian being the latest to make headlines. The American automaker and automotive technology company recently announced that it will be laying off over 10% of its workforce.
Rivian, known for its innovative electric pickup trucks and SUVs, has not been immune to the challenges facing the industry. The EV recession has been fueled by various factors, including increased competition, supply chain disruptions, and a slowdown in consumer demand. As a result, many companies have had to reevaluate their operations and make tough decisions to remain competitive.
The layoffs at Rivian come as a blow to the company's employees and the broader EV market. The move is expected to impact various departments and could potentially slow down the development of new models and technologies. However, the company has stated that it remains committed to its mission of creating sustainable transportation solutions and will continue to invest in research and development.
In the face of the EV recession, it is crucial for companies like Rivian to adapt and find new ways to stay competitive. This may involve streamlining their operations, forming strategic partnerships, or exploring new markets. As the EV market continues to evolve, it is essential for industry leaders to remain agile and innovative to overcome the challenges that lie ahead.
And as expected, their stock is getting crushed after hours.