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(Reuters) – Electric truck maker Rivian Automotive will brief employees on Friday on potential layoffs and plans to suspend some programs as part of a broader restructuring, Chief Executive R.J. Scaringe said in an email sent to employees on Monday evening.
The company has struggled this year to ramp up production at its plant in Normal, Illinois, and has seen its share price drop by more than two-thirds since early January.
Shares traded at midday at $30.10, up 0.5%.
