Rivian's stock rises 5.04% to $15.525 amid layoff announcement and sector strength

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Rivian's stock surged 5.04% to $15.525 per share, driven by a recent layoff announcement and positive momentum in the broader automotive sector. The company plans to reduce its workforce by less than 2% as part of ongoing cost-cutting measures. This follows a strong Q2 earnings report, where Rivian reported a positive gross margin for the first time and a 27% year-over-year revenue increase to $1.66 billion. Additionally, the full-year adjusted loss guidance was narrowed to $1.8–$2.0 billion, and the capital expenditure budget was reduced from $1.95–$2.05 billion to $1.7–$1.8 billion. The broader automotive sector also experienced gains, with major manufacturers like Stellantis NV, Tesla Motors, Ferrari NV, Ford, and General Motors all seeing stock increases.

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