Rivian planning layoffs that could target about 5% of staff, report says


Rivian electrical pickup vans sit in a parking zone at a Rivian service heart on Might 09, 2022 in South San Francisco, California. 

Justin Sullivan | Getty Photographs

Electrical automobile startup Rivian Automotive is planning layoffs that would trim its workforce by about 5% after the corporate grew too shortly in some areas, Bloomberg reported on Monday.

The a whole lot of layoffs may very well be introduced within the coming weeks, Bloomberg reported, citing folks aware of the matter. However the layoffs are nonetheless within the starting stage and no last choices have been made, the report stated.

The Irvine, California-based firm has about 14,000 workers.

Rivian’s shares had been down about 7% in mid-afternoon buying and selling following the information.

Rivian has added hundreds of latest workers during the last 12 months because it started manufacturing of its personal electrical vans and SUVs in addition to a supply van for Amazon. Rivian”s shares surged amid intense investor curiosity shortly after it went public late final 12 months, however have since fallen over 80% as the corporate has struggled to ramp up production amid world supply-chain disruptions.

A Rivian spokesperson declined to touch upon the report.

Read the full report here.

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