Rivian Cuts Workforce, Announces Lower Production; Shares Tumble
By Naveen Athrapully Rivian will lay off 10 percent of its salaried workforce amid “challenging” economic conditions, the Amazon-backed electric truck maker stated on Feb. 21, sending its share price tumbling. Along with the layoffs, Rivian also announced that it expects to produce only 57,000 vehicles in 2024, far below the 81,700 units estimated by analysts who were polled by…
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