Electric vehicle (EV) maker Rivian plans major layoffs amid growing market pressure.
As per multiple reports, the company is reportedly planning to cut more than 600 jobs which will impact about 4% of Rivian's total workforce.
Rivian had already done a smaller round of job cuts about a month earlier where 1.5% of its employees lost their jobs.
This comes as Rivian and other EV makers are now struggling more than before because of new policies under the Trump administrations including the removal of $7,500 federal incentive that previously made buying EV cheaper for customers.
Beside this, Rivian, who had almost 15,000 workers at the end of last year, is also struggling with weaker demand for its EV.
At the same time, the company is facing strong competition from Tesla, Ford and many fast-growing Chinese companies.
Reports further suggested that many customers are trying to buy EV before the government's financial incentives ended in September.
The company has also reduced its sales target for 2025 and is now expecting to deliver only 41,5000 to 43,500 vehicles instead of earlier target of up to 46,000.
On the other hand, the company's stock price stayed about the same on Thursday morning, October 23 but overall, it has fallen around 3% so far this year.
