Rivian Automotive Plans To Slash 6% Of Workforce: Report

Rivian Automotive Inc RIVN is reportedly planning to slash 6% of its workforce to cut costs.
The electric vehicle company is reeling under poor cash reserves amid a weak economy, Reuters reported.
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The report cited an internal mail sent to the employees, in which CEO R.J. Scaringe said Rivian is channelizing resources to boost vehicle production and reach profitability.
The workforce reduction is happening when electric vehicle giant Tesla, Inc. TSLA and Ford Motor Company F have made price cuts.
Related: Follow The Leader? Ford's EV Price Cuts Could Be In Response To Tesla
Price Action: RIVN shares are trading lower by 3.18% at $18.78 on the last check Wednesday.
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