Startup crisis: Rivian and Arrival announce restructuring and prompt wave of layoffs

Startup crisis: Rivian and Arrival announce restructuring and prompt wave of layoffs

Damaged by the semiconductor crisis and rising inflation in the United States, startups Rivian and Arrival announced plans for internal restructuring earlier this week, suggesting possible layoffs.

According to Reuters, Rivian CEO RJ Scaring sent employees an email on Monday night warning of a meeting on Friday to discuss possible layoffs. Additionally, Scaring revealed that Rivian plans to suspend several internal programs as part of the company’s restructuring.

Publicity

According to the executive, the startup has begun to “evaluate the size and structure” of the teams and the workforce will be “considered as much as possible when considering any cuts”.

At the end of the first quarter, Rivian said it had more than $16 billion in cash, as well as enough cash to open a second factory in the US in 2025. As such, layoffs seem like a precautionary measure to keep operations down. In the coming years.

Read more:

In restructuring, Rivian wants to reduce costs by up to 30%

Anglo-American startup Arrival is also planning interior adjustments to complete production of its first van in 2022. In a statement on Tuesday (12), the young company proposes “business restructuring in response to the challenging economic environment.”

“Plans include restructuring the organization to deliver on business priorities by the end of 2023, primarily using $500 million in cash,” the statement said. “The Arrival proposal includes a 30% reduction in costs across the organization and predicts the impact of up to 30% of workforce worldwide.”

arrival bus
arrival/disclosure

Despite the omission of the word “layoff”, it is clear from the content of the message that about a third of the arrivals team will experience a negative impact in the coming months. The company will share more details about the new strategy on August 11, when it releases results for the second half of the year in a conference call.

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with information from ElecTrek And Reuters

*Main image credit: Rivian/Disclosure

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