American electric vehicle manufacturer Rivian plans to cut down its workforce in an attempt to control costs as the company battles falling cash reserves and a potential price war with competitors.
Rivian intends to lay off 6 percent of its workforce, CEO R.J. Scaringe said in an email to employees on Wednesday. Rivian is estimated to have 14,000 employees. While apologizing to staff for implementing the job cuts, Scaringe insisted that the company needs to prioritize profitability and production. He did not provide a timeline of when the layoffs would take place …