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Rivian Automotive To Layoff 6% Of Workforce: WSJ

Benzinga · 07/28/2022 07:25
  • Rivian Automotive Inc (NASDAQ: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.