The Strategist

Electric car maker Rivian cuts 5% of employees



07/12/2022 - 09:00



Rivian Automotive, a manufacturer of electric vans, pickup trucks, and SUVs, intends to reduce its staff by 5%. According to Bloomberg, 700 out of the more than 14,000 employees would be affected by the layoffs.



Sandy Campbell
Sandy Campbell
According to the sources, this includes teams with overlapping functions and non-manufacturing employees. They said that no final decisions had been made regarding layoffs. The corporation, which currently has 14,000 employees, might make 5% of those cuts.

Rivian maintains abroad offices in California, Michigan, and Illinois, where it has a plant, as well as in the United Kingdom and Canada. In order to accommodate increased output, the company has reduced its personnel by around 50% in the past year. The company produces delivery vans, SUVs, and pickups.

Rivian announced ambitions to build 25,000 electric pickup vehicles and SUVs this year in March. Due to supply chain limitations and internal production issues, that amount is only half of what was anticipated at the startup's IPO last year. Early in November 2021, Rivian Automotive went public. Its stock is currently trading for 60% less than it did at IPO.

source: bloomberg.com

 




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