Rivian Automotive To Layoff 6% Of Workforce: WSJ

by Shivani Kumaresan, Benzinga Staff Writer

July 28, 2022 7:25 AM | 1 min read |

Rivian Automotive Inc RIVN is planning to slash 6% of its 14,000 employees, the Wall Street Journal reported.
The move is a part of the company’s initiative to soothe inflationary pressures.
CEO RJ Scaringe, in an internal email, said the plan is a part of a cost-cutting effort to be able to manage manufacturing operations growth without looking for additional funds.
The CEO assured the employees that the job cuts would not happen in its factory in Normal, Illinois.
Rivian went public in November last year and raised about $12 billion.
Recently, the company also reduced its production forecast, citing parts shortage.
Price Action: RIVN shares are trading higher by 1.19% at $32.39 in premarket on the last check Thursday.