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

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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 trim 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 decisions have been made, the report said.

The Irvine, California-based company has about 14,000 employees.

Rivian’s shares were down about 7% in mid-afternoon trading…



Source cnbc.com

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