Rivian to lay off 6% of its workforce as EV price war concerns grow
Publishing timestamp: 2023-02-01 12:25:23
Summary
Rivian Automotive, an electric truck maker, is laying off 6% of its workforce in order to conserve cash amid price cuts by rivals Tesla and Ford Motor. The cuts will not affect workers at its Illinois factory. Rivian has posted losses of $5 billion through the first three quarters of 2022 and fell slightly short of its goal of producing 25000 vehicles in 2022.
Sentiment: NEGATIVE
Keywords: rivian automotive inc, climate, amazon.com inc, ford motor co, tesla inc, business, business news, technology,
Source: https://www.cnbc.com/2023/02/01/rivian-to-lay-off-six-percent-of-workforce-ev-price-war.html