Key facts
- Rivian laid off hundreds of employees on Tuesday.
- The layoffs are part of the company's strategy to achieve profitability.
- The move coincides with the launch of a new vehicle model.
- The company aims to streamline operations during the introduction of its latest automotive offerings.
Electric vehicle startup Rivian laid off hundreds of employees on Tuesday as part of a strategy to achieve profitability and streamline operations during the launch of a new vehicle model. The exact number of affected employees was not specified beyond "hundreds."