Rivian Automotive Aktie News

Rivian has agreed to pay $250 million to settle a class-action shareholder lawsuit filed after the company suddenly hiked prices on its R1 pickup truck and SUV in 2022.

Rivian Automotive Inc. (NASDAQ: RIVN) has been crippled for years, and the battered electric vehicle (EV) industry has made this worse.

Cost cutting at the EV start-up is another example of coming pain for the U.S. EV industry.

Rivian has agreed to settle a 2022 class-action lawsuit for $250 million with certain shareholders who had alleged that the electric vehicle maker defrauded investors over vehicle prices when it went public, according to a court filing on Thursday.

Rivian's founder and CEO RJ Scaringe is taking on a new role at his company as part of a restructuring ahead of next year's launch of the R2 SUV, which involves a layoff of more than 600 employees.

Rivian plans to cut over 600 jobs, affecting around 4% of its workforce. The layoffs come amid administrative changes affecting the electric vehicle industry.

Rivian Automotive Inc (NASDAQ:RIVN) is planning to lay off more than 600 employees, or roughly 4% of its workforce of about 15,000 as of the end of 2024, the Wall Street Journal reported. The cuts are expected to primarily affect commercial roles, including sales and servicing departments.

Rivian is reportedly cutting another 600 workers in its third layoff of the year, or about 4% of its total workforce, according to The Wall Street Journal.