- Rivian Automotive Inc 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.
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