NORMAL, Ill. (WTVO) — Rivian is planning to take on more debt.
The electric automaker said that it will sell $1.3 billion in bonds because of weakening demand and higher production costs.
Rivian has a cash balance of $11.5 billion, down from $13.2 billion from a quarter earlier. The company has been losing money on every vehicle it builds.
It laid off 6% of its workforce last month, but Rivian said that it has enough cash on hand to fund operations through 2025.