Rivian's Struggles: Layoffs, Production Woes, and Stock Plunge

Rivian, once a promising player in the electric vehicle market, announced a 10% workforce reduction and lowered production expectations, leading to a 25% stock price drop. The company's high-priced vehicles and production delays have contributed to a shrinking order backlog and concerns about its future. The broader EV market is facing challenges with falling demand, infrastructure limitations, and consumer skepticism, impacting companies like Rivian and Lucid Group Inc. Despite the setbacks, Rivian is banking on the debut of its more affordable R2 model to expand its market reach.