Rivian Automotive Stock News

While the U.S. electric vehicle (EV) market has accelerated more slowly off the line than predicted, the future is still almost certainly headed in that direction. Finding the right EV makers and holding them long term could prove lucrative for investors, but picking the right EV maker is easier said than done.

It was in big headline letters in The Wall Street Journal: “Rivian Lays Off Workers as It Preps Launch of Cheaper SUV.

Rivian Automotive (RIVN -5.02%) is racing to scale production and capture the mid-market electric vehicle (EV) space. Backed by Amazon (NASDAQ: AMZN), Volkswagen (OTC: VWAGY), and federal support, it faces heavy losses but massive potential.

Rivian is laying off around 150 workers — its second small staff cut in a matter of months — as the company readies itself for the all-important launch of its more-affordable R2 SUV next year.

Automakers are holding prices steady despite tariffs shaving $12 billion and counting from their bottom lines.

The automaker had been facing pressure as the U.S. market outlook has cooled to electric-only cars and trucks.

Rivian stock price has rebounded in the past few days, moving from a low of $11.57 in August to the current $14.45. It is hovering near its highest level since May 29 this year.

It hasn't been a spectacular year for electric vehicle (EV) makers. Global EV sales, though, continue to grow, though at a slower rate than last year.