WASHINGTON (dpa-AFX) - Rivian Automotive Inc. (RIVN) in speculation on Thursday is reportedly laying off about 4 percent of its workforce, or more than 600 employees, as the electric vehicle market faces weakening demand.
The move comes amid expectations of an industry-wide slowdown following the expiration of the federal EV tax credit in September.
Rivian, which went public in 2021, has been under pressure to reduce costs while gearing up to launch its more affordable R2 SUV, expected to start at around $45,000.
The job cuts reflect ongoing challenges across the EV industry as manufacturers seek profitability amid shifting consumer sentiment.
RIVN is currently trading at $13.02 up $0.10 or 0.77 percent on the Nasdaq.
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