REE Automotive, an electric vehicle technology company, is laying off approximately 50% of its workforce, affecting over 100 employees, as part of a drastic restructuring plan announced in June 2025. This follows a previous 11% reduction in 2023. The company, which currently employs around 300 people globally, is taking these measures after reporting a $70 million annual loss and issuing a "going concern" warning. Its goal is to slash operating expenses by 60% to stay afloat. Once valued at $3 billion after a 2021 SPAC merger, REE's market capitalization has plummeted to about $23 million, reflecting the severe challenges in the EV sector. The layoffs will impact staff in Israel, the U.S., and the U.K. as the company strives to streamline operations and extend its runway.
