• Sat. Sep 23rd, 2023

Rivian planning workforce reductions, hiring halts: WSJ


Jul 12, 2022 ,
Boeing stock jumps nearly 8% after maker's commercial-jet deliveries rise more than 50% in Q2

Rivian Automotive Inc. is readying a cost-cutting plan that includes workforce reductions and halting nonmanufacturing hiring, The Wall Street Journal reported Tuesday. The publication cited an internal letter from Chief Executive RJ Scaringe. Rivian did not immediately return a request for comment. On Monday, Bloomberg, citing people familiar with the matter, reported that the EV startup was planning to lay off about 5% of its workforce, focusing on nonmanufacturing roles and including teams with duplicate functions. Rivian has more than 14,000 employees. Rivian shares have fallen 71% so far this year, compared with…

Image and article originally from www.marketwatch.com. Read the original article here.