:Electric truck maker Rivian Automotive will brief employees on Friday on potential layoffs and plans to suspend some programs as part of a broader restructuring, Chief Executive R.J. Scaringe said in an email sent to employees on Monday evening.
Rivian also has halted some non-manufacturing hiring, while"adopting major cost-down efforts" to reduce expenses, he said. Rivian had $16 billion in cash at the end of the first quarter and has told investors it had enough cash on hand to open its second U.S. plant for $5 billion in 2025.
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