Electric vehicle maker Rivian (RIVN.O), opens new tab said on Wednesday it cut about 1% of its workforce - the second round of job cuts this year - as it reduces cost amid a broader slowdown in EV demand.

Shares of Rivian, up as much as 3.4% during the day, pared almost all of its gains after the news.

"This was a difficult decision, but a necessary one to support our goal to be gross margin positive by the end of the year," the maker of R1S SUVs and R1T pickup trucks said in an email to Reuters, adding that the cuts were focused on staff supporting the business.

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Rivian Hands Out A Second Round Of Job Cuts This Year

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