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Rivian Automotive Inc. is cutting about 6% of its workforce and simplifying product plans, saying the economy has made it harder for the electric vehicle maker to raise money to build up production.

Rivian Automotive Inc. is planning hundreds of layoffs to trim its workforce in areas where the electric vehicle maker has grown too quickly, according to people familiar with the matter.

Apple Inc.’s Tim Cook was spotted in downtown Sun Valley July 7 taking a ride in a Rivian Automotive Inc. battery-electric pickup.

Tesla Inc. has had a “very tough quarter” as it struggles with supply chain snags, Chief Executive Officer Elon Musk warned in an internal memo, imploring workers to help get the electric vehicle maker back on track.

Rivian Automotive Inc. said it accelerated production and stepped up sales in the first quarter, keeping the electric pickup maker on track to deliver 25,000 EVs this year.

Rivian Automotive Inc. produced 2,553 vehicles in the first quarter as the maker of plug-in trucks contended with a snarled supply chain and pandemic challenges.

Rivian Automotive Inc. dropped to a record low after the electric-vehicle maker rolled back price increases on its debut cars for existing customers, marking an about-face as it ramps up production and seeks to win over more buyers.

Nikola Corp. said it will start full-scale output of battery-electric trucks next month and deliver between 300 and 500 of the big rigs to customers this year. Its shares rose despite a slump in the broader market.

Nikola Corp. announced a long-term supply agreement with Proterra Inc. for battery technology, giving the electric big-rig maker a second source for the critical components.

Rivian Automotive Inc., the electric pickup maker backed by Amazon.com Inc., fell below the $78 a share price of its November initial public offering.