Rivian stock edges lower in late session after layoffs report

Shares of electric-vehicle maker Rivian Automotive Inc.

fell about 0.4% in the extended session Monday after ending the regular trading day 6.4% lower following a report that it was planning to lay off about 5% of its workforce. Citing people familiar with the plan, Bloomberg reported earlier that the EV maker is looking to trim its headcount, focusing on nonmanufacturing roles and including teams with duplicate functions. Rivian has more than 14,000 employees. A spokesperson for Rivian reached late Monday told MarketWatch the company does not have anything to add at this time. 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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