Rivian Automotive Inc.’s shares surged in morning trading on Thursday following news that the electric truck maker will lay off 6% of its workforce, or more than 800 employees. The Irvine, California-based company, which has a manufacturing facility in Normal, Illinois, and is building another in Georgia, employs around 14,000 people and will cut about 840 jobs. In a memo to employees explaining the reasoning for the cuts, CEO RJ Scaringe wrote, "We must focus our resources on ramp and our path to profitability," according to a copy obtained by Reuters . The layoffs come six months after the company cut 351 jobs in California, including 143 in Orange County where the company’s Irvine headquarters are. Rivian (Nasdaq: RIVN) shares jumped more than 12% Thursday morning to as high as $22.09 at the time of this writing. The company raised nearly $12 billion in a blockbuster IPO in November 2021, and the stock peaked at $172.01 shortly after. Shares have fallen nearly 89% since then. The latest round of cuts won’t affect Rivian’s Illinois plant, nor the company’s plans to build a $5 billion factory in Rutledge, Georgia, about 50 miles east of Atlanta, according to the Atlanta Business […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
