Rivian Automotive Inc. faced a significant downturn following its Q4 earnings report, with shares plummeting over 25% to hit an all-time low. The electric vehicle maker announced a reduction in its workforce by 10% due to economic uncertainties, alongside a disappointing financial outlook for 2024. Rivian's Q4 results revealed a revenue of $1.32 billion, a 98% increase year-over-year, but still reported an adjusted loss per share of $1.36. The company's guidance for 2024 includes a production target of 57,000 vehicles, falling short of the expected 80,472, and an adjusted EBITDA loss of $2.70 billion. Additionally, Rivian plans to cut its capital expenditures to $1.75 billion from the anticipated $2.4 billion. This news has not only affected Rivian's stock, which went down 13% after hours and further down 25.7% the following day, but also had a negative impact on Tesla's shares. Rivian's market cap is now $10.9B.