Rivian Automotive plans to lay off more than 600 employees, approximately 4% of its workforce, due to increasing market challenges faced by the electric vehicle (EV) industry. The layoffs were first reported by The Wall Street Journal and confirmed by CNBC, with additional details to be shared with employees soon. Rivian, which had just under 15,000 employees at the end of last year, is struggling with slower-than-expected EV demand, regulatory hurdles following the elimination of a $7,500 federal tax incentive, and the absence of new product launches until next year. The company reported a loss of $1.1 billion in the second quarter and has forecasted a narrowed delivery target of 41,500 to 43,500 vehicles for 2025, down from an earlier estimate of 46,000 units. Despite a 32% increase in vehicle sales during the third quarter, driven by buyers rushing to purchase EVs before incentives expired, Rivian also forecasted a larger adjusted core loss for the year, between $2 billion and $2.25 billion. Shares of Rivian remained flat during Thursday trading and are down roughly 3% for the year.