The electric vehicle (EV) sector has experienced a substantial workforce reduction in 2024, with nearly 30,000 jobs eliminated across 11 companies, according to a recent BestBrokers report. This trend aligns with ongoing layoffs in the broader tech industry.
Tesla, the industry leader, has been responsible for the largest number of job cuts, shedding approximately 14,000 positions. Chinese manufacturer Li Auto follows, having reduced its workforce by about 18% (around 5,600 jobs), although some former employees suggest the actual figure could be as high as 10,000.
Rivian, the California-based electric pickup truck manufacturer, ranks third with 1,670 layoffs, representing 10% of its workforce. General Motors and Motional, an autonomous vehicle company, round out the top five with over 1,000 and 550 job cuts respectively.
Other notable companies implementing workforce reductions include:
- Ola Electric (India) and Polestar (Sweden): ~450 layoffs each
- Lucid Motors: 400
- Fisker: 200
- Canoo: 194
- Mobileye: 100
The layoffs span multiple countries, with seven of the affected companies based in the United States. The remaining firms are headquartered in China, India, Sweden, and Israel.
This downsizing trend extends beyond the EV sector, affecting the wider tech industry. BestBrokers has compiled a graph illustrating the 20 tech companies with the most significant workforce reductions since early 2024. In this broader context, Tesla ranks third, Li Auto fourth, and Rivian twelfth in terms of layoff numbers.
These job cuts reflect companies’ efforts to streamline operations, reduce costs, and adapt to challenging market conditions in the rapidly evolving electric vehicle and technology landscapes.
