Rivian Automotive Inc. is readying a cost-cutting plan that includes workforce reductions and halting nonmanufacturing hiring, The Wall Street Journal reported Tuesday. The publication cited an internal letter from Chief Executive RJ Scaringe. Rivian did not immediately return a request for comment. On Monday, Bloomberg, citing people familiar with the matter, reported that the EV startup was planning to lay off about 5% of its workforce, focusing on nonmanufacturing roles and including teams with duplicate functions. Rivian has more than 14,000 employees. Rivian shares have fallen 71% so far this year, compared with losses of around 19% for the S&P 500 index.
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