91ÊÓƵ

Electric vehicle upstart Rivian, which recently put on pause plans to build a Georgia factory, said in mid-April it is laying off more workers as it cuts costs to buttress its balance sheet.

Rivian Automotive was back in Normal, Ill., on April 6 with its second-generation EVs and the promise of more activity at a now-bustling auto plant.

Rivian Automotive built and delivered more electric vehicles last quarter than Wall Street expected, giving the automaker a boost as it grapples with production hurdles and heavy costs.

Rivian Automotive is pausing plans to build a new multibillion-dollar factory in Georgia, an abrupt reversal aimed at cutting costs while the company prepares to launch a cheaper electric vehicle.

Investors have all but thrown in the towel on shares of EV startups Rivian Automotive and Lucid Group. 

Rivian Automotive Inc. shares fell in early trading after the electric vehicle maker issued a disappointing production forecast and announced another round of job cuts.

Rivian Automotive Inc. missed expectations for quarterly electric vehicle deliveries, weighing on the manufacturer’s shares even as production ramped up during the past year.

Electric vehicle startup Rivian announced Dec. 19 it has chosen the construction firm to build its planned $5 billion factory an hour east of Atlanta.

On Dec. 14, Rivian announced that telecommunications giant AT&T will purchase Rivian electric vans as well as vehicles in its R1 platform of trucks and SUVs.

Rivian Automotive CEO RJ Scaringe will take on an expanded role overseeing all product-related functions as the automaker prepares for the next generation of its electric vehicle lineup.