Rivian is just weeks away from unveiling its long-awaited R2 series of models, but the brand’s shares have tumbled 17% after the electric automaker revealed that it will cut its salaried workforce by 10% and expects to produce far fewer EVs this year than analysts had expected.
During the company’s fourth-quarter earnings call on Wednesday, Chief Executive R.J. Scaringe stated that the job cuts would be implemented amid what he described as “challenging macro-economic conditions,” including higher interest rates that lead to pricier monthly vehicle payments.
Read Article