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• The company is planning layoffs across non-manufacturing roles
Electric vehicle startup Rivian Automotive (NASDAQ: RIVN) plans to trim its workforce by about 5% after the company grew too quickly in some areas, Bloomberg reported on Monday.
The company is planning layoffs across non-manufacturing roles, including teams with duplicate functions. The announcement could be made in the coming weeks.
The report stated that the layoffs are still in the planning stage and no final decisions have been made.
The California-based company has about 14,000 employees. Rivian added thousands of new employees over the last year as it began production of its electric trucks and SUVs as well as a delivery van for Amazon.
Its shares surged amid intense investor interest shortly after it went public late last year, but have since fallen over 80% as the company has struggled to ramp up production amid global supply-chain disruptions.
Rivian’s shares were down about 7% in mid-afternoon trading following the news.
Source - Bloomberg
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