Rivian shares fall at the end of the session after layoffs report

Shares of electric vehicle maker Rivian Automotive Inc. fell about 0.4% in extended trading Monday after the end of the normal trading day, 6.4% lower following a report that it was planning to lay off about 5% of its workforce. motion. Citing people familiar with the plan, Bloomberg reported earlier that the electric vehicle maker is looking to cut staff, focus on non-manufacturing roles and include teams with duplicate functions. Rivian has more than 14,000 employees. A Rivian spokesperson reached late Monday told MarketWatch the company doesn’t have anything to add at this time. Rivian stock is down 71% so far…

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