As expected of very prominent electric pickup car manufacturer Rivian is now laying off 6% of their 14,000-strong workforce to boost their production without raising funds. And he currently has a 71,000 vehicle pre-order backlog for their R1T and R1S, electric pickup, and SUV’s. But they had to slash their production forecast for 2022 and a half to a very small 25,000 vehicles.

The company is concerned about raising cash in the current economic environment according to Chief executive RJ Scaringe in a note to WSJ, “Over the last six months, the world has dramatically changed with inflation reaching record highs, interest rates rapidly rising and commodity prices continuing to climb — all of which have contributed to the global capital markets tightening,”

Although with very big investors like Ford and Amazon helping the company raise $12 billion, Rivian is still the best-funded EV startup out there. However, the company is at a very delicate time phase right now as they are trying to ramp up their production to bring in revenue after building a factory in Illinois. The company’s also planning to accelerate the development of a more budget-oriented EV called the R2, and they are also trying to build a second $5 billion factory in Georgia. Also, with the current market issues and many other companies cutting back on costs to buckle up for the changing economic environment, it seems like the best move the company could make to keep their production at a steady pace while also not affecting the company all that much.