Rivian Stock Skids After EV Maker Delivers Weak Production Guidance—Key Level to Watch

Key TakeawaysRivian shares traded sharply lower in premarket trading Thursday after the company posted a larger-than-expected quarterly loss and issued 2024 production guidance that fell significantly below Wall Street's expectations.The EV maker cited economic and geopolitical uncertainties, along with persistently high interest rates, for the weaker outlook.Rivian also announced that it plans to reduce its workforce by 10% in a bid to reduce costs amid plateauing demand for electric cars.Amid an earnings- ...