Rivian plans layoffs that could target around 5% of staff, report says

Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California.

Justin Sullivan | Getty Images

Electric vehicle startup Rivian Automotive is planning layoffs that could cut its workforce by about 5% after the company grew too quickly in some areas, Bloomberg reported on Monday.

The hundreds of layoffs could be announced in the coming weeks, Bloomberg reported, citing people familiar with the matter. But the layoffs are still in the planning stage and no final decision has been made, according to the report.

The Irvine, Calif.-based company has approximately 14,000 employees.

Shares of Rivian were down about 7% in mid-afternoon after the news.

Rivian has added thousands of new employees over the past year as it begins production of its own electric trucks and SUVs as well as a delivery van for Amazon. Shares of Rivian jumped amid intense investor interest shortly after its IPO late last year, but have since fallen more than 80% as the company struggles to rise its production amid global supply chain disruptions.

A spokesperson for Rivian declined to comment on the report.

Read the full report here.

cnbc Business

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button