Staff Reports
In a press release, Rivian, the electric-vehicle company backed by Amazon, disclosed dismal financial results and dreary expectations for 2024. As a result, the company’s stock took a nosedive, plummeting by 17 percent. But instead of the big shots taking the hit for their lousy decision-making, it’s the hardworking employees who are paying the price. Rivian sneakily slipped in a note at the bottom of their press release, casually mentioning that they would be giving the boot to 10 percent of their salaried workforce. How’s that for a punch in the gut?
Amazon-Backed EV Maker Sees Stock Price Plummet Amid Rough Quarterly Report, Mass Layoffs https://t.co/B53LwlK0xb
— IJR (@TheIJR) February 22, 2024
The company also shared its plan to produce a measly 57,000 vehicles in 2024, which is on par with their 2023 production but falls far short of analysts’ estimates. And guess who they blamed for their bleak outlook? None other than Bidenomics. They pointed fingers at “economic and geopolitical uncertainties and pressures,” including sky-high interest rates, as the culprits behind their gloomy forecast. Sounds like the typical excuse-making we’ve come to expect from left-leaning companies.
And speaking of left-leaning companies, it’s no surprise that Amazon had its grubby paws in this mess. The online retail giant has been in cahoots with Rivian since 2019, planning to roll out 100,000 electric delivery vehicles by 2030 as part of their overbearing Climate Pledge. Even though Rivian recently decided to sell its electric delivery vans to companies other than Amazon, the partnership remains intact, with Amazon still holding a 17 percent stake in the company. And who can forget about Jeff Bezos, the third-richest man in the world, whose net worth increased by a whopping $3.7 billion in just one day? It’s no wonder he’s got a private jet and a car collection worth a cool $20 million. Good for Bezos, but what about the hardworking folks at Rivian left high and dry?
But fear not, because Rivian’s founder and CEO, RJ Scaringe, is still gung-ho about his company’s mission to electrify the automotive industry. He’s apparently unfazed by the company’s financial woes and the pink slips being handed out left and right. And to add insult to injury, it’s reported that the broader economic climate isn’t exactly favoring the electric vehicle industry. EVs are struggling to gain traction in middle America, and the Biden administration is putting the brakes on the auto industry’s transition to electric vehicles. Given all these obstacles, it’s no wonder Rivian is singing the blues.
