Rivian Cuts Workforce Amid EV Market Slowdown
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BTCCSquare news:
Rivian Automotive is reducing its workforce by 4.5%, eliminating over 600 jobs, as demand for electric vehicles wanes and federal incentives NEAR expiration. The U.S. automaker faces mounting challenges, including supply chain disruptions and rising production costs, which have increased per-vehicle expenses by 8%.
The impending end of the $7,500 federal EV tax credit in September 2025 looms large over the industry. Analysts predict a temporary sales surge followed by a sharp decline once the incentive disappears. Rivian's focus now shifts to cost control and the launch of its R2 SUV, a critical MOVE to stabilize long-term prospects in an increasingly uncertain market.
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