Rivian Automotive, Inc. (NASDAQ: RIVN) announced as part of its fourth quarter and year end 2023 financial results, that it would reduce its salaried workforce by approximately 10% due to slower growth expectations for 2024.
The company reported it produced 57,232 vehicles and delivered 50,122 during 2023, more than doubling production and deliveries from 2022, and exceeded its initial production guidance by more than 7,000 vehicles.
According to the company, due to seasonality, deliveries during the last quarter of each fiscal year are lower than previous quarters, while production remains continuous to maintain manufacturing efficiencies. Overall, there was a 147
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