Electric vehicle maker Rivian plans to cut hundreds of jobs: Report

Electric vehicle maker Rivian Automotive plans to cut hundreds of jobs, possibly about 5 percent of its total workforce, Bloomberg News reported on Monday, citing people familiar with the matter.

Shares of the company fell 6.6 percent to $29.87 in afternoon trading.

According to the company’s filings, Rivian had more than 10,000 employees globally as of December 31, 2021.

The cuts, after the increase in workforce, will focus on non-manufacturing roles, including teams with duplicate tasks, report good Told.

The layoffs are still in the planning stage and nothing has been decided.

Rivian declined to comment when contacted by Reuters.

Rivian said last week that it delivered more than 4,400 vehicles in the second quarter, nearly four times more than the previous quarter, putting it on track to reach its 25,000-unit production target for 2022 .

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