Once the darling of the EV world, the electric truck-maker Rivian is reelingRivian Automotive Inc. emerged as a darling of investors — a brand with promise of bringing the “cool” factor to the once-red-hot market for electric vehicles. But the Irvine-based company hit the brakes Wednesday, announcing a 10% cut to its workforce and lower production expectations. Despite years of growth in EV sales, mass-market customers remain wary of EV battery life, range and the availability of reliable charging stations. Rivian said it would continue its “company-wide cost transformation program,” which it said helped reduce the price for the company’s electric pickup truck, SUV and delivery van. Rivian isn’t the only EV maker reeling — shares of electric car manufacturer Lucid Group Inc. fell nearly 17% on Thursday after a disappointing earnings report.

Source: Los Angeles Times February 26, 2024 18:37 UTC