(Bloomberg) Rivian Automotive Inc. revealed plans to cut 10% of its salaried workforce and set production guidance well below Wall Street’s expectations as the maker of electric vehicles grapples with stagnant demand and economic turbulence.Most Read from BloombergNvidia Surges After AI Boom Shows No Signs of Letting UpTech Up in Late Hours on Nvidia’s Bullish Outlook: Markets WrapBiden Touts $1.2 Billion in Student Loan Relief With Eye to 2024Your 401(k) Will Be Gone Within a DecadeChina Tig
Rivian shares traded sharply lower in premarket trading Thursday after the EV maker issued 2024 production guidance significantly below estimates. Monitor this key chart level.
EconoTimes is a fast growing non-partisan source of news and intelligence on global economy and financial markets, providing timely, relevant, and critical insights for market professionals and those who want to make informed investment decisions.