Tag: Rivian

BusinessManufacturingTechnology

Rivian CEO Calls R2 Launch ‘Inflection Point’ Amid New Layoffs

Rivian CEO RJ Scaringe described the company’s upcoming R2 SUV as an “inflection point” for the electric vehicle maker, drawing parallels to Tesla’s Model 3 moment. The comments came just before the company reportedly announced layoffs affecting hundreds of employees as part of restructuring efforts.

Strategic Shift Amid Workforce Reductions

Electric vehicle startup Rivian is navigating turbulent waters as it positions its upcoming R2 model as a make-or-break product while simultaneously reducing its workforce. According to multiple reports, the company initiated layoffs affecting more than 600 employees this week, representing approximately 4.5% of its total workforce.

by Jessica Moore P.E.
BusinessStartupsTechnology

Rivian to Pay $250 Million in Shareholder Suit Over Pricing Controversy

Rivian has reportedly agreed to a $250 million settlement to resolve a shareholder lawsuit stemming from controversial 2022 price increases. The legal action alleged the automaker misled investors about production costs and pricing strategy following its high-profile IPO. While denying wrongdoing, Rivian says settling allows focus on upcoming R2 vehicle launch.

Electric vehicle startup Rivian is moving to close a contentious chapter in its corporate history, reportedly agreeing to a $250 million settlement to resolve a class-action lawsuit filed by shareholders. The agreement, which still requires court approval, addresses allegations that the automaker misled investors about its pricing strategy and production costs around the time of its blockbuster 2021 public offering.

The Core Allegations

by Jessica Moore P.E.