Transportation
Rivian Tumbles Most Ever as Job Cuts Signal Stalled Momentum
- Company forecasts production will be roughly flat this year
- EV maker says interest rates, economic uncertainty hit demand
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Rivian Automotive Inc.’s shares fell the most on record after the electric-vehicle maker issued a disappointing production forecast and announced another round of job cuts.
The maker of plug-in pickups, SUVs and delivery vans expects to build just 57,000 vehicles this year, in line with last year’s output and well short of analysts’ average estimate for more than 80,000 units. The company said late Wednesday it will reduce its salaried workforce by about 10%, its third paring in the last year and a half.