Electric adventure vehicle maker Rivian reported fourth quarter results after the bell on Wednesday.
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Amazon.com-backed Rivian also said it would cut its workforce by 10%. Rivian, the maker of R1T pickup trucks and R1S SUVs, is planning a weeks-long production shut down this year to upgrade its production line to improve efficiency and cut costs. As a result, Rivian said it expects to produce 57,000 vehicles in 2024, well below estimates of 81,700 units, according to eight analysts polled by Visible Alpha.