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Rivian Plans to Cut 6% of Its Workforce as CEO Cites Volatile Economy

  • Inflation and high rates making it harder to raise funds: CEO
  • Rivian employs about 14,000 workers after rapid build-up
Rivian R1T electric pickup trucks on the assembly line at the company's manufacturing facility in Normal, Illinois.

Rivian R1T electric pickup trucks on the assembly line at the company's manufacturing facility in Normal, Illinois.

Photographer: Jamie Kelter Davis/Bloomberg
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Rivian Automotive Inc. is cutting about 6% of its workforce and simplifying product plans, saying the economy has made it harder for the electric-vehicle maker to raise money to build up production.

The Irvine, California-based company confirmed the cuts Wednesday in an internal memo from Chief Executive Officer RJ Scaringe. Surging inflation, higher interest rates and higher commodity prices have hurt the company’s ability to raise funds, he wrote.