Why Rivian Shares Popped Today
It's no surprise that electric vehicle (EV) start-ups have been struggling to ramp up amid supply chain challenges and rising raw material costs. Widely followed Rivian Automotive (NASDAQ: RIVN) is doing something about it, and the news sent shares up more than 5% on Thursday morning. As of 12:56 p.m. ET today, the stock remained 2.6% higher.
Previously rumored job cuts were announced at the early-stage EV maker. Several weeks ago, the possibility of layoffs at Rivian was reported by Bloomberg. It was estimated that 5% of the workforce might be cut.
Today, The Wall Street Journal reported that the company has laid off 6% of its 14,000 employees. That report parallels other news from Washington that is aimed at helping the clean energy sector, including EVs. Investors think both items are potentially good news for Rivian.
Source Fool.com
