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The move comes as Rivian aims to grow its business while facing challenges such as supply chain woes, regulations and consumers wary about spending money amid economic uncertainty.

"It goes quickly," he said, with a school trip, a picnic or a day out usually taking up a big chunk of that spending money.

Under SB 54, local law enforcement officials are barred from spending money or resources on federal immigration enforcement.

Data from investment advisory firm Value Research shows Indian non-financial businesses were sitting on cash worth 11% of their total assets, corroborating the view that companies are not spending money in making fresh investments.

"So we are worried that people are spending money unnecessarily."