Rivian Automotive, a manufacturer of electric vehicles, intends to lay off hundreds of workers—possibly as much as 5% of its whole workforce, according to reports in the media on Monday.
In afternoon trading, business shares dropped 6.6 percent to $29.87.
As of December 31, 2021, Rivian had approximately 10,000 employees worldwide, per the company’s filing.
Following a rise in hiring, the report stated the reductions will concentrate on non-manufacturing roles, including teams with redundant functions.
Nothing has been decided, and the layoffs are still in the planning stages, it continued.
Almost four times as many vehicles were delivered in the second quarter compared to the first, according to a statement made by Rivian last week, putting the company on track to meet its 25,000-unit manufacturing target for 2022.
