General Motors is cutting thousands of EV and battery factory workers and idling production facilities until 2026. The move represents a dramatic scaling back of the automaker’s electric vehicle ambitions amid changing market conditions.
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.
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.
General Motors stock climbed approximately 8% in premarket trading following an improved financial outlook. The automaker reportedly increased its annual adjusted core profit projection and lowered expected tariff impacts, creating positive momentum across the automotive sector.
General Motors shares surged about 8% in premarket trading Tuesday after the automaker significantly improved its annual profit outlook, according to company reports. The Detroit-based manufacturer now expects its adjusted core profit to reach between $12.0 billion and $13.0 billion for the year, up from its previous estimate of $10.0 billion to $12.5 billion.
