Rivian to cut about 4% of workforce amid EV slump, WSJ reports

Rivian (RIVN) is executing another round of layoffs affecting around 4% of its workforce as the electric-truck maker tries to conserve cash in a world pulling back from electric vehicles, The Wall Street Journal’s Becky Peterson reports. More than 600 people are poised to lose their jobs, people familiar with the matter said. At the end of last year, the company had just under 15,000 employees. A month ago, the company did a smaller round of layoffs, affecting 1.5% of its workforce. It said the move was to reduce costs ahead of the launch of a more affordable sport-utility vehicle next year.