UPDATE 1-Rivian cuts 1% of workforce in second round of layoffs this year [Yahoo! Finance]
Rivian Automotive, Inc. (RIVN)
Company Research
Source: Yahoo! Finance
1% of its workforce - the second round of job cut this year - as it reduces cost amid a broader slowdown in EV demand. Shares of Rivian pared gains after the news and were last up 1.3% in late afternoon trading. "This was a difficult decision, but a necessary one to support our goal to be gross margin positive by the end of the year," the maker of R1S SUVs and R1T pickup trucks said in an email to Reuters. The move follows a 10% layoff at Rivian in February when the company disappointed investors with a lower-than-expected 2024 production forecast. Reducing cost is crucial for Rivian as high interest rates to rein in inflation have hurt consumer demand for EVs that are typically more expensive than their gas-powered counterparts. Rivian has also reduced costs by building some parts in house and re-negotiating supply contracts. It has also shut down its production line for an upgrade to increase efficiency and help reduce cost. (Reporting by Abhirup Roy in San Francisco and A
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RIVN
News
- Electric grid wars are a direct assault on the Western middle class [Yahoo! Finance]Yahoo! Finance
- DEADLINE ACTION NOTICE: The Schall Law Firm Encourages Investors in Rivian Automotive, Inc. with Losses to Contact the FirmAccesswire
- Hybrid Vehicles Poised to Gain Market Share, Create Pathway to Meeting Auto Industry Environmental Goals as Regulatory Requirements, Dates Eased [Yahoo! Finance]Yahoo! Finance
- Rivian Shows Silver Linings Before Earnings [Seeking Alpha]Seeking Alpha
- Rivian Automotive, Inc. Class Action: Levi & Korsinsky Reminds Rivian Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of June 18, 2024 - RIVNAccesswire
RIVN
Earnings
- 2/21/24 - Beat
RIVN
Sec Filings
- 4/29/24 - Form ARS
- 4/29/24 - Form DEFA14A
- 4/29/24 - Form DEF
- RIVN's page on the SEC website