(The Epoch Times)—Amazon-backed electric vehicle manufacturer Rivian will be laying off a part of its workforce amid “challenging” economic conditions, the company said on Wednesday, sending its share price into a nosedive.
Rivian announced its Q4, 2023, and full-year results on Feb. 21, revealing that the company will be reducing its salaried workforce by roughly 10 percent. In an email to staff, CEO RJ Scaringe said that layoffs would be implemented on Thursday. “Our business is facing a challenging macroeconomic environment—including historically high interest rates and geopolitical uncertainty—and we need to make purposeful changes now to ensure our promising future,” he wrote, according to Business Insider.
The company told the outlet it employed 16,700 workers in total, which includes both salaried and hourly workers. In 2023, Rivian cut its workforce by 6 percent, which followed another 6 percent staff reduction implemented in the prior year.
Along with the layoffs, Rivian also announced that it expects to produce only 57,000 vehicles in 2024, far lower than the 81,700 units estimated by analysts polled by investment research firm Visible Alpha.
Following the announcement of workforce reductions and lower-than-expected 2024 production numbers, Rivian shares declined. At the end of Wednesday, the firm’s shares were at $15.39. By the end of Friday, shares fell to $10.07, a decline of almost 35 percent in just two days.
Year-to-date, shares have fallen by over 52 percent. Rivian’s $10.07 stock price is more than 90 percent less than the nearly $130 it was priced at back in November 2021.
The Amazon-backed EV maker’s share price collapse comes as many electric vehicle makers are readjusting expectations in the face of softer demand.
A Jan. 4 survey report from KPMG that polled 1,000 auto executives from 30 nations found that confidence in electric vehicles among automakers in the United States and other countries has dipped as many are concerned that their large bets on EVs may take longer to pay off.
“Just a year ago, executives were excited about the prospects for transforming the industry with new kinds of cars. Now, they remain optimistic, but they are more sober about how difficult it will be to manage the transition and preserve or increase profits,” it said.
While several news EV models are flooding the market, demand for the vehicles has “weakened,” KPMG stated while noting that some players may end up under “extreme pressure” as competition heats up.
In Rivian’s earnings release, CEO Scaringe admitted that the company will be facing “challenging macro-economic conditions” in the short term. As such, the firm is “aggressively focused on driving cost efficiency throughout the business.”
Dan Ives, managing director and senior equity analyst at Wedbush Securities, told the Los Angeles Times that Rivian’s vehicle projections for this year cast a “dark cloud around the story.”
“Cutting costs and headcount to reflect a softer environment and production issues … Rivian went from a Cinderella story to a horror show.”
Business Downgrade
Rivian was also hit with a downgrade on Friday, with UBS cutting its rating on the stock from “Buy” to “Sell.”
“We had been optimistic on [Rivian’s] product and brand ultimately winning out,” UBS analysts said in a note, according to Dow Jones Wire. However, “more tepid” demand for EVs now threatens the company, they wrote. The analysts cut their price target from $24 to $8.
Rivian’s current EV offerings, a full-size SUV and a pickup truck, start at around $70,000. UBS analysts noted that Rivian EVs were “high priced” and that there were risks to the company’s pricing and volume.
The EV maker plans to unveil its cheaper, next-generation EV R2 in March, which is expected to cost $45,000. However, UBS is not convinced it will have an immediate positive effect on the stock.
“Further out, [Rivian] growth is reliant on R2 … but we don’t believe production starts until late 2026, so meaningful financial impact isn’t until 2027—a long time to wait for a product the stock hinges on,” the note said.
A survey by Gallup last year showed that most Americans aren’t “completely sold” on EVs. Among poll respondents, only 12 percent said they were “seriously considering” buying an EV.
While 43 percent said they “might consider” such a purchase in the future, 41 percent stated they “would not buy” an EV.
Speaking to the Los Angeles Times, Jessica Caldwell, head of insights at Edmunds, said that “mass-market buyers have less income and a lot more questions.”
“We’ve been living in this wave of ‘Oh, EVs are great, they’re going to continue the accelerated growth and only going to get better,’ and now it seems like they’re (EV makers) hitting this reality point.”
Even though EV sales have seen growth over the past years, mass-market customers are not too taken with them due to issues like battery life, access to reliable charging stations, and vehicle range, she pointed out.
“It’s not always easy to set up a charger where you live … At the end of the day, for EVs to take off and become mass market, there needs to be major growth in infrastructure.”
Why Bullion Beats Numismatics and Collectible for Your Safe or IRA
Precious metals continue to attract Americans seeking reliable ways to protect their wealth amid inflation, geopolitical risks, and stock market swings. Whether stored in a home safe or held inside a self-directed IRA, physical gold and silver deliver tangible value that paper or digital assets often lack. Yet investors must choose carefully between bullion—pure bars and coins valued mainly for their metal content—and numismatics or collectibles, where rarity, history, and collector demand heavily influence pricing.
Advisor Bullion serves as a dependable source for straightforward, high-quality bullion. The company specializes in physical gold, silver, platinum, and palladium, emphasizing transparent pricing and products that deliver maximum metal content for every dollar spent. This approach makes it ideal for both personal holdings and retirement accounts.
Bullion consists of refined precious metals in standard forms like one-ounce coins (American Gold Eagles, Silver Eagles, Canadian Maple Leafs) or bars. Their value tracks closely to the current spot price of the metal. A typical gold bullion coin trades near the live gold spot price plus a small premium. This structure keeps costs clear and predictable.
Numismatic coins and collectibles add substantial value from factors such as age, rarity, minting errors, or historical significance. A pre-1933 U.S. gold coin or graded proof piece can carry premiums of 30%, 50%, or even 200% above melt value. While this appeals to hobbyists, it creates complexity. Pricing depends on subjective grading, collector trends, and auction results instead of daily spot prices.
For investors focused on wealth preservation and retirement security rather than building a collection, bullion often delivers better results.
Lower Costs and Better Liquidity for Home Storage
When keeping metals in a home safe or private vault, liquidity and efficiency count. Bullion offers clear benefits:
- You acquire more actual gold or silver per dollar invested. Numismatics divert a large share of your money into rarity premiums and massive sales commission, reducing your metal exposure.
- Selling bullion involves tight bid-ask spreads, so you recover nearly full spot value with minimal fees. Collectibles require finding the right buyer and may sell at a discount if demand for that specific item weakens.
- Bullion prices remain transparent and update with global spot markets. You can track gold near current levels or silver accordingly and know exactly where your holdings stand. Numismatic values are priced by the Gold IRA companies with hefty margins applied.
- Standardized coins and bars store efficiently and divide easily for partial sales. Rare coins often need protective slabs and controlled conditions, adding hassle and expense.
- Bullion enjoys worldwide acceptance. A 1-oz Gold Maple Leaf or Silver Eagle sells quickly to dealers anywhere. Niche numismatic pieces may appeal only to limited buyers, slowing liquidation when speed matters.
In times when quick access to value becomes important, bullion’s simplicity stands out.
Stronger Fit for Precious Metals IRAs
Precious metals IRAs continue gaining traction as investors diversify retirement portfolios beyond stocks and bonds. IRS rules permit certain bullion products in self-directed IRAs if they meet purity standards (.995 fine for gold, .999 for silver) and are held by an approved custodian. Eligible items include American Gold and Silver Eagles plus many generic bars and rounds from recognized mints.
Numismatic and most collectible coins generally face heavy scrutiny from custodians due to valuation disputes and elevated markups. These higher premiums mean less actual metal ends up working inside the account.
Bullion avoids these issues. Its value links directly to verifiable spot prices, which simplifies reporting and lowers the risk of regulatory challenges. More of your IRA contribution purchases real metal instead of dealer profits or speculative upside. Over time, owning additional ounces that appreciate with the metal itself can create meaningful outperformance compared with high-premium alternatives that deliver fewer ounces.
Regulatory guidance from the CFTC and state securities offices repeatedly cautions against aggressive sales of expensive numismatics or “semi-numismatic” coins for IRAs. For retirement planning, transparent bullion from established providers reduces risk and aligns better with long-term goals.
How to Get Started with Bullion
Begin by clarifying your goals. Are you protecting savings in a safe, or moving part of a retirement account into a precious metals IRA? Focus on the number of ounces you can acquire at current prices rather than chasing marked-up collectibles.
Diversify sensibly: use gold for core preservation and silver for its blend of industrial and monetary qualities. Mix coins for easier divisibility with bars for lower per-ounce costs on larger buys. Arrange secure storage—whether at home with proper insurance or through professional facilities.
As economic uncertainties linger and faith in conventional assets erodes, bullion continues proving its worth as a dependable store of value. Its direct approach avoids the hype that sometimes surrounds collectible markets and keeps the focus on the metal itself.
For investors prepared to strengthen their portfolios, Advisor Bullion supplies the expertise and selection needed to acquire high-quality bullion efficiently. Whether building personal holdings or integrating metals into an IRA, their emphasis on transparent, investment-grade products helps secure more ounces today that support greater financial security tomorrow. In a complicated financial landscape, bullion’s clarity and reliability make it the smarter foundation for protecting what matters most.