BusinessManufacturingTechnology

Rivian Announces Workforce Reduction Affecting Over 600 Employees Amid EV Market Pressures

Rivian Automotive is reportedly preparing to lay off more than 600 workers as the electric vehicle manufacturer confronts increasing market headwinds. The cuts would affect approximately 4% of the company’s workforce, with details expected to be shared with employees this week. The move comes as EV makers face a shifting regulatory landscape and changing market conditions.

Major Workforce Reduction at Electric Vehicle Maker

Electric vehicle manufacturer Rivian Automotive is planning significant workforce reductions affecting more than 600 employees, according to reports from multiple financial news sources. The layoffs represent approximately 4% of the company’s total workforce, which stood at just under 15,000 employees at the end of last year.

BusinessStartupsTechnology

CoreWeave CEO Downplays Urgency of Core Scientific Acquisition Amid Shareholder Resistance

CoreWeave’s chief executive has characterized the proposed acquisition of Core Scientific as non-essential despite the ongoing $9 billion deal. Shareholder opposition led by Two Seas Capital and critical analysis from Institutional Shareholder Services have raised questions about the transaction’s valuation and process.

Acquisition Faces Mounting Opposition

CoreWeave’s planned $9 billion acquisition of data center provider Core Scientific is encountering significant resistance from shareholders and proxy advisory firms, according to recent reports. The deal, which would transfer Core Scientific’s substantial 1.3GW data center capacity to the AI cloud firm, was initially agreed upon on July 7 as an all-stock transaction.

Business

Starbucks CEO Values China Business Over $10 Billion Amid Partnership Talks

Starbucks leadership has signaled the company’s China business could be worth significantly more than previous estimates. The coffee chain is reportedly seeking strategic partnerships to navigate increasing local competition while maintaining a stake in the valuable market.

Starbucks China Business Valued “North of $10 Billion”

Starbucks CEO Brian Niccol has reportedly indicated the company’s China operations are worth more than previously estimated, with sources suggesting the value exceeds $10 billion. According to reports from CNBC’s Jim Cramer, the chief executive officer communicated that this valuation includes upfront investment from potential partners, Starbucks’ retained stake in the China business, and future royalty payments.