Rivian laying off less than 1.5% of workforce ahead of new SUV launch, WSJ says

Rivian (RIVN) is laying off U.S. and Canadian workers as the company cuts costs ahead of the launch of a more affordable sport utility vehicle next year, reported The Wall Street Journal, noting that a spokesperson said the cuts represent less than 1.5% of Rivian’s force. “We have made some recent changes to the commercial team as part of an ongoing effort to improve operational efficiency for R2,” a Rivian spokesperson is quoted by The Journal’s Ryan Felton as having said.