Rivian revealed its third-quarter financial results after a rocky first half of the year saw considerable pressures affect the ambitious EV startup. The automaker hasn't quite hit smooth sailing, but there is some indication for optimism.
Electric-vehicle startup Rivian Automotive Inc. RIVN 5.73% is laying off 6% of its 14,000 employees, a cash-saving move aimed at responding to inflationary pressures and a rapidly changing economy, according to an internal email sent to workers
Electric-vehicle startup RivianRIVN +0.13% Automotive Inc. is looking to realign its business by cutting costs, halting hiring of non-factory workers and making other reductions, according to an internal letter from Chief Executive RJ Scaringe.
In early 2021, reports began to circulate that US-based electric vehicle (EV) manufacturer Rivian was planning to open a new factory in Europe. The new site is expected to initially produce the delivery vehicle that Rivian is developing for Amazon, although it will eventually manufacture vehicles for private customers.
