- Rivian Automotive Inc RIVN The company is reportedly planning to cut 6% of its workforce to cut costs.
- The electric vehicle company is teetering on poor cash reserves amid a sluggish economy. Reuters reported.
- also read: Elon Musk gives important update on Tesla Cybertruck production: “It’s amazing”
- The report cited an internal email to employees in which CEO RJ Scaringe said Rivian was channeling resources to boost vehicle production and achieve profitability.
- Downsizing is coming at the electric vehicle giant Tesla, Inc. TSLA and Ford Motor Company f made price cuts.
- Related: Follow the leader? Ford’s EV price cuts could be a reaction to Tesla
- Price promotion: RIVN shares are trading down 3.18% at $18.78 on the last check Wednesday.
- Photo via Wikimedia Commons
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