Rivian Automotive Inc. RIVN, +5.73% laid off 6% of its 14,000 employees on Wednesday, according to an internal email sent to staffers at the electric-vehicle startup and viewed by The Wall Street Journal. Inflation, rising interest rates and raw-material costs had made it more difficult for companies to raise additional cash, Chief Executive RJ Scaringe wrote in an email to employees announcing the layoffs.

Source: Wall Street Journal July 28, 2022 00:11 UTC