The post Rivian Has More Bad News as It Cuts Costs appeared first on Newstrail.com authored by

By Ellen Chang Rivian is cutting costs by laying off 6% of its employees. Rivian (RIVN) – Get Free Report can not catch a break. The electric vehicle manufacturer is letting go of 6% of its workforce to cut back on costs as the company failed to meet production goals. Preserving cash has become a priority for the EV company who has faced a year of tough losses including the shrinking of its market cap. CEO RJ Scaringe said Rivian’s focus on efficiency needs to be a “core objective,” according to an email that employees received and was viewed by CNBC. Rivian is prioritizing an increase in the …

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