Rivian cuts 1% of workforce in second round of layoffs

Jeff Bezos-backed Rivian plans second round of layoffs. Company's shares dropped to one percent on Thursday. Rivian EV-maker Rivian has cut more of its workforce following 10 percent of its employees laid off earlier this year. The company's share price has dropped to 1 percent.

EV maker Rivian (RIVN) plans to cut another 1% of its workforce in its second round of layoffs in 2024. Market Domination Co-Hosts Julie Hyman and Josh Lipton discuss the significance of this on Rivian's position in the electric vehicle market.

Electric vehicle maker Rivian cuts 1% of workforce in second round of layoffs this year. Rivian: "This was a difficult decision, but a necessary one to support our goal to be gross margin positive by the end of the year" High interest rates to rein in inflation have hurt consumer demand for EVs that are typically more expensive than gas-powered counterparts.