Rivian lays off 6 percent of its workforce as it struggles with EV production

According to The Wall Street Journal, Rivian is laying off 6 percent of its workforce in order to boost production without raising more funds. The company has a 71,000 vehicle pre-orders for its R1T and R1S electric pickup and SUV, but had to cut its production forecast in half.

Rivian is worried about raising money in the current economy. "Over the last six months, the world has dramatically changed with inflation reaching record highs, interest rates rapidly rising and commodity prices continuing to climb - all of which have contributed to the global capital markets tightening," wrote chief executive RJ Scaringe.

Rivian has raised $12 billion and is one of the best funded EV startup. After building a factory in Illinois, the company is trying to ramp up production so they can finally make money. A second $5 billion factory for the budget-oriented R2 will be built in Georgia.

The launch of the first EV from Faraday Future was delayed again. The company needs to raise an additional $325 million in order to continue operations.