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HomeAutomobileRivian planning layoffs that would goal about 5% of employees, report says

Rivian planning layoffs that would goal about 5% of employees, report says

Rivian electrical pickup vehicles sit in a car parking zone at a Rivian service middle on Could 09, 2022 in South San Francisco, California. 

Justin Sullivan | Getty Photos

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 individuals acquainted with the matter. However the layoffs are nonetheless within the starting stage and no ultimate selections have been made, the report stated.

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

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

Rivian has added hundreds of latest staff during the last yr because it started manufacturing of its personal electrical vehicles 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 yr, 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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