Updated July 15, 2022 3:16 pm ET / Original July 15, 2022 1:45 pm ET
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Fast-growing electric-truck start-up Rivian Automotive is laying off workers. The news surprised the market earlier this week. Now CEO R.J. Scaringe is explaining to employees why cuts are necessary at a Friday meeting.
Rivian (ticker: RIVN) stock dropped Monday after reports that the company was laying off up to 5% of its workforce. Investors found the news jarring. Rivian, after all, is growing quickly. Wall Street projects sales will rise to $6.2 billion in 2023, up from $1.8 billion in 2022. That usually means more workers.