Rivian Automotive, Inc. ( RIVN ) shares are trading slightly lower in the premarket session on Tuesday after closing yesterday’s session with a massive 8% slump.

The downturn follows the market buzz of EV behemoth Tesla, Inc. ( TSLA ) , which is looking to trim its workforce. The job cuts being contemplated would impact tens of thousands of employees.

According to Benzinga Pro, RIVN stock has lost over 38% in the past year. Investors can gain exposure to the stock via ALPS Clean Energy ETF ( ACES ) and First Trust NASDAQ Clean Edge Green Energy Index Fund .

Rivian is set to announce its first-quarter financial results after the market closes on May 7 and will host a conference call to discuss the results at 5:00 p.m. ET the same day. 

For fiscal 2024, Rivian plans to be focused on cost efficiency, continuing progress made in 2023 that increased gross profit per delivered vehicle.

Earlier this month, the company reaffirmed its guidance for annual production of 57,000 total vehicles.

Price Action: RIVN shares are trading lower by 0.36% to $8.36 premarket on the last check Tuesday.