All-electric vehicle maker Rivian Automotive has announced it is laying off 4.5% of its workforce amid mounting market pressures, the company said Thursday.

Rivian and other EV manufacturers are facing a more challenging market than they did in recent years amid changing regulations under the Trump administration.

All-electric vehicle maker Rivian Automotive has announced it is laying off 4.5% of its workforce amid mounting market pressures, the company said Thursday.