Rivian to Lay Off More California Workers as EV Market Stalls

Amazon-backed truck maker Rivian, once a rising star in the EV market, will lay off 92 employees in Orange County, according to a recent letter sent to California’s employment department. In February, Rivian announced it would lay off 10 percent of its salaried workforce and produce fewer than expected vehicles in 2024, according to an announcement at the time, which sent its shares plummeting by $5 in just two days. The firm’s shares were selling at $11.19 as of May 14, down dramatically from November 2021, when they sold for nearly $130. In a letter sent to the state’s Employment Development Department, Rivian’s vice president of people, Scott Griffin, said the layoffs will occur in three Orange County cities, Palo Alto in Santa Clara County, and San Francisco....