NORMAL, Ill. (WMBD)– Rivian is taking on more debt and selling $1.3 billion dollars in bonds.
The electric automaker says this is a result of weakening demand and higher production costs.
Currently, Rivian has $11.5 billion dollars cash on hand. That is lower than $13.2 billion from last quarter. The company has been losing money on every vehicle built.
Last month, six percent of its workforce was laid off.
The company claims it has enough cash to fund operations through 2025.