Rivian Automotive Plans To Slash 6% Of Workforce: Report

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  • Rivian Automotive Inc RIVN is reportedly planning to slash 6% of its workforce to cut costs.
  • The electric vehicle company is reeling under poor cash reserves amid a weak economy, Reuters reported.
  • Also ReadElon Musk Gives Important Tesla Cybertruck Production Update: 'It Is Incredible'
  • The report cited an internal mail sent to the employees, in which CEO R.J. Scaringe said Rivian is channelizing resources to boost vehicle production and reach profitability.
  • The workforce reduction is happening when electric vehicle giant Tesla, Inc. TSLA and Ford Motor Company F have made price cuts.
  • RelatedFollow The Leader? Ford's EV Price Cuts Could Be In Response To Tesla
  • Price Action: RIVN shares are trading lower by 3.18% at $18.78 on the last check Wednesday.
  • Photo Via Wikimedia Commons
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