Rivian plans to lay off more than 600 workers

DETROIT – Rivian Automotive reportedly plans to lay off more than 600 people as the all-electric vehicle maker faces growing market challenges.

The Wall Street Journal, which first reported the plans, said the layoffs will affect roughly 4% of the company’s workers. Rivian had just under 15,000 employees at the end of last year.

A source familiar with the plans confirmed the layoffs to CNBC and said additional details are set to be shared with employees Thursday.

Rivian and other EV manufacturers are increasingly facing a more challenging market than they did in recent years amid changing regulations under the Trump administration, including the elimination of a $7,500 federal incentive for purchasing an EV.

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