Rivian Automotive is cutting 4.5% of its workforce due to market challenges, affecting over 600 employees. The layoffs are part of restructuring marketing, vehicle operations, and sales teams. Rivian founder RJ Scaringe emphasized the difficulty of the decision but stressed the importance of scaling efficiently. The company lost $1.1 billion in Q2 and faces slower EV demand and regulatory changes. Rivian’s R2 models are set to launch next year, with vehicle sales up 32% year over year in Q3. Adjusted core loss for 2025 is expected to be between $2 billion and $2.25 billion. Rivian’s stock closed at $13.09, up 1.3%, despite challenges faced.

Read more at CNBC: Rivian laying off more than 600 workers