Tesla Rival Rivian Makes Big and Deep Changes

Rivian ( (RIVN) – Get Rivian Automotive Inc. Report) is in the process of launching a major restructuring to become more “nimble” to weather a difficult period for the automotive industry and the global economy, according to an internal memo sent to employees on July 11 by chief executive officer RJ Scaringe.

This restructuring will include job cuts but Scaringe does not say how many layoffs the company is planning. On July 10,  reports suggested 5% job cuts out of the 14,000 employees of Rivian, which has operations in Irvine, Palo Alto and Carson, California, Normal, Illinois, Plymouth, Michigan, Georgia and Arizona. Rivian is also present in Canada and the United Kingdom.

Source: https://www.thestreet.com/technology/tesla-rival-rivian-about-to-make-big-changes?puc=yahoo&cm_ven=YAHOO&yptr=yahoo