EV maker Rivian to cut 6% of jobs amid price war

Key Facts

• This electric Ram truck concept has a fold-away third row 01:13 - Source: CNN Reuters — Rivian Automotive is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry-wide price war.
• “We must focus our resources on ramp and our path to profitability,” Scaringe said in the email, in which he apologized to employees for the necessity of the cuts.
• Rivian had earlier pushed back by a year to 2026 the planned launch of a smaller R2 vehicle family at the $5 billion plant it is building in Georgia.
• Last July, Rivian, which is scheduled to report fourth-quarter results on Feb. 28, laid off staff and suspended some programs as part of a broader restructuring.

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