Rivian Automotive Inc., (
Rivian Automotive Inc., (
“Our business is not immune to existing economic and geopolitical uncertainties,” Chief Executive Officer RJ Scaringe said on a conference call. “Most notably, the impact of historically high interest rates, which has negatively impacted demand.”
Rivian’s shares fell 16% to $12.98 as of 6:32 p.m. after regular trading in New York. Rivian (
Rivian (
That outlook underscores the challenge of scaling production and stemming losses in an environment of waning consumer demand for battery-powered vehicles. The automaker has aimed to challenge EV market leader Tesla Inc. following Rivian’s blockbuster stock listing in 2021, but it has since dealt with supply-chain woes and other challenges.
The layoffs, part of an aggressive cost-cutting effort, follow job reductions last year and in 2022. Capital expenditures this year will rise to more than $1.7 billion, Rivian (
Rivian ($RIVM) builds two consumer EVs and a battery-electric delivery van at a sole plant in Normal, Illinois. There’s a second factory in the works near Atlanta, where it plans to build its first mass-market, lower-priced EV starting in 2026.
Rivian Automotive Inc., (
Rivian (
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