Rivian Announces Workforce Reduction and Lowers Production Forecasts Amid EV Market Challenges

The electric vehicle manufacturer's stock takes a historic plunge as it grapples with high vehicle prices and economic uncertainties.

Rivian Automotive Inc. faces a challenging year with no expected growth, as it announces a 10% workforce reduction and lower production forecasts.
The electric vehicle maker's stock plummeted by 25%, marking its worst day in history, amid broader concerns over the EV market's sustainability.
Rivian's high vehicle prices and the broader economic environment, including high interest rates, are impacting demand and production.
The company's future hinges on the success of its more affordable R2 model, set to debut in March but not entering mass production until 2026.
Rivian's struggles reflect wider issues in the EV industry, including competition from Tesla and concerns over EV infrastructure and battery life.