08:32 AM EDT, 09/05/2025 (MT Newswires) -- (Updates with company comments in the first two paragraphs and the Thursday closing price in the fourth paragraph.)

Rivian Automotive ( RIVN ) is shedding less than 1.5% of its workforce to cut costs ahead of the launch of a cheaper sport utility vehicle next year, a company spokesperson confirmed to MT Newswires Friday.

"We have made some recent changes to the commercial team as part of an ongoing effort to improve operational efficiency," the spokesperson said in an email.

The company had about 15,000 employees at the end of 2024, The Wall Street Journal reported Thursday.

Shares of the company closed 5.1% lower on Thursday.