The stock has steadily fallen from the euphoric post-IPO high, showing that markets may be sobering up to the promises CEO Elon Musk made before and after SpaceX went public.
The Jeff Bezos-backed startup finally revealed more pricing details for its debut EV, including a $29,950 starting price for the SUV variant, and boosted the base range to 205 miles.
The company said the cuts were part of a restructuring meant to help scale to profitability. Rivian recently pushed back its profitability goal to invest in autonomy.