{"id":1551305,"date":"2022-07-12T18:05:08","date_gmt":"2022-07-12T22:05:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1551305"},"modified":"2022-07-12T18:05:26","modified_gmt":"2022-07-12T22:05:26","slug":"rivian-to-address-layoffs-at-friday-meeting-tesla-to-cut-229-jobs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rivian-to-address-layoffs-at-friday-meeting-tesla-to-cut-229-jobs\/","title":{"rendered":"Rivian to address layoffs at Friday meeting, Tesla to cut 229 jobs"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frivian-to-address-layoffs-at-friday-meeting-tesla-to-cut-229-jobs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1551305&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Paul Lienert<\/p>\n<p>(Reuters) -Electric truck maker Rivian Automotive will brief employees on Friday on potential layoffs and plans to suspend some programs as part of a broader restructuring, Chief Executive R.J. Scaringe said in an email sent to employees on Monday evening. <\/p>\n<p>Separately, electric-car maker Tesla Inc will permanently shut its office in San Mateo, California, and will lay off 229 employees, a filing showed on Tuesday. They were working on the company\u2019s Autopilot driver-assistant system. <\/p>\n<p>Tesla Chief Executive Officer Elon Musk last month told top managers he had a \u201csuper bad feeling\u201d about the economy and that the company needed to cut staff by about 10%.<\/p>\n<p>In his email, which was shared by the company with Reuters, Scaringe said, \u201cRivian is not immune to the current economic circumstances and we need to make sure we can grow sustainably.\u201d <\/p>\n<p>The company, he said, is \u201cfinancially well positioned,\u201d but that it has begun \u201cprioritizing certain programs (and) stopping some.\u201d<\/p>\n<p>Rivian had $16 billion in cash at the end of the first quarter and has told investors it had enough cash on hand to open its second U.S. plant for $5 billion in 2025.<\/p>\n<p>Rivian also has halted some non-manufacturing hiring, while \u201cadopting major cost-down efforts\u201d to reduce expenses, he said.<\/p>\n<p>Scaringe said the company has begun to \u201cassess the size and structure of our teams\u201d and will be \u201cas thoughtful as possible as we consider any reductions\u201d in employee head count.<\/p>\n<p>Rivian\u2019s stock closed up about 1% at $30.15, while Tesla\u2019s shares ended the session marginally lower.<\/p>\n<p> (Reporting by Paul Lienert in Detroit, Hyunjoo Jin in San Francisco and Chavi Mehta in Bengaluru; editing by Jonathan Oatis, Aurora Ellis and Sriraj Kalluvila)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2725457\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6B0U9-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6B0U9-VIEWIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2725460\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6B0Z0-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6B0Z0-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Paul Lienert (Reuters) -Electric truck maker Rivian Automotive will brief employees on Friday on potential layoffs and plans to suspend some programs as part of a broader restructuring, Chief<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1551305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1551305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1551305"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1551305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1551305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1551305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1551305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}