In recent developments, Kenny Polcari, chief market strategist at SlateStone Wealth, weighed in on the dependence of investors on artificial intelligence (AI) and discussed SpaceX’s potential initial public offering (IPO) and his broader outlook for the markets on the program ‘Varney & Co.’
In the electric vehicle sector, Rivian Automotive has announced significant layoffs, impacting hundreds of employees within its service and customer organization. A company spokesperson revealed that these job cuts account for less than 2% of Rivian’s workforce, which numbered roughly 15,200 at the close of 2025. The layoffs, which took effect on Tuesday, primarily affect teams involved in sales and marketing as Rivian seeks to efficiently restructure its operations while preparing for the launch of its new R2 SUV model.
The decision to downsize follows multiple rounds of layoffs over the past year as Rivian gears up for the R2’s release, seen as a critical component of its future product strategy. These layoffs were first reported by The Wall Street Journal.
Rivian had previously cut more than 600 jobs, translating to about 4.5% of its workforce, in October due to a decline in demand for its vehicles that coincided with the expiration of electric vehicle (EV) tax credits. The R2, which debuted last week, comes with various optional upgrades and has a starting price around $58,000, with plans for more budget-friendly models in the pipeline.
The company’s leadership has expressed optimism that the introduction of lower-cost options will expand its market reach and enhance sales, all while the organization strives for profitability amid heightened expenditure on research and development aimed at accelerating its autonomous driving initiatives. Furthermore, Rivian has indicated that it no longer anticipates achieving its adjusted core profit target by 2027, reflecting the ongoing adjustments amidst a challenging market landscape.
