EV maker Rivian plans to cut hundreds of jobs – Bloomberg News


The brand for electric powered auto company Rivian is noticed on the hood of its R1T all-electric truck in Mill Valley, California, U.S., January 25, 2020. REUTERS/Nathan Frandino/File Picture

July 11 (Reuters) – Electric powered vehicle maker Rivian Automotive (RIVN.O) plans to cut hundreds of employment, probably around 5% of its total operate power, Bloomberg Information reported on Monday, citing individuals common with the subject.

Shares of the business fell 6.6% to $29.87 in afternoon trade.

Rivian had around 10,000 employees globally, as of Dec 31, 2021, in accordance to the company’s submitting.

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The cuts, next a surge in staffing, will concentration on non-production roles, which include groups with replicate functions, the report stated. (https://bit.ly/3azelSw)

The layoffs are nonetheless in the setting up stage and very little has been resolved, it added.

Rivian declined to remark, when contacted by Reuters.

Rivian claimed final week that it shipped about 4,400 autos in the next quarter, nearly four occasions additional than the preceding quarter, placing it on keep track of to access its 25,000-unit output objective for 2022. study additional

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Reporting by Chavi Mehta in Bengaluru Enhancing by Shailesh Kuber

Our Criteria: The Thomson Reuters Have faith in Ideas.


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