Rivian is cutting hundreds of jobs due to a slowdown in electric vehicle demand, with plans to lay off 600 workers. This marks the second round of layoffs in as many months, totaling around 4% of its workforce. The company reported a 32% sales growth in Q3 but expects demand to drop, leading to a $1.1 billion loss in Q2 alone.

In 2024, the Detroit Big 3 automakers announced thousands of job cuts. Ford cut 4,000 jobs in Europe, GM cut 2,000 U.S. jobs, Stellantis cut 4,000 factory jobs and 400 white-collar jobs. Rivian’s layoffs come as electric vehicle demand wanes post-expiration of the federal tax credit. Analysts have mixed price targets for Rivian shares, ranging from $12 to $23.

Read more at Yahoo Finance: Rivian sends harsh message to workers with latest decision