UPDATE (3:25 p.m.) — Rivian stocks closed at $19.71 amount per share. This is up 31 cents from closing yesterday.
UPDATE (12:18 p.m.) — A Rivian Spokesperson has confirmed that Rivian will be reducing its workforce by six percent.
“Team changes are among the hardest decisions we have to make as an organization. Today I’m deeply sorry to announce we are reducing our workforce by 6%, impacting roles across the company,” Chief Executive R.J. Scaringe stated in an email.
The spokesperson also confirmed that these cuts will not affect manufacturing jobs in Normal.
The goals of the cuts are to focus their investments and resources on the highest impacts of their business.
NORMAL, Ill. (WMBD) — Reuters is reporting that Rivian will be cutting six percent of its workforce Wednesday.
Reuter received the information from a company-wide email sent to Rivian employees.
This cut is not expected to affect manufacturing operations in Normal.
This is the second round of cuts at Rivian, they previously announced a five percent cut to their workforce in July 2022.
We have reached out to Rivian for more information.
This story will be updated when more information becomes available.