Rivian stock edges lower in late session after layoffs report


Shares of electric-vehicle maker Rivian Automotive Inc. fell about 0.4% in the extended session Monday after ending the regular trading day 6.4% lower following a report that it was planning to lay off about 5% of its workforce. Citing people familiar with the plan, Bloomberg reported earlier that the EV maker is looking to trim its headcount, focusing on nonmanufacturing roles and including teams with duplicate functions. Rivian has more than 14,000 employees. A spokesperson for Rivian reached late Monday told MarketWatch the company does not have anything to add at this time. Rivian shares have fallen 71% so far this…

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleBond Report: Bond yields slide as COVID restrictions return in China, reigniting global growth fears
Next articleU.S. stocks open lower on Monday as new COVID restrictions in China chill Street


Please enter your comment!
Please enter your name here