Like Tesla, Rivian will be shrinking its workforce but will lay people off who are in non-manufacturing roles
is looking to get rid of teams with duplicate functions that emerged as a result of the company’s rapid growth.
The automaker currently employs more than 14,000 people and could target an overall reduction of five percent, which would amount to 700 employees. The layoffs, though, are still in the planning phase and no decisions have been made final, the sources claimed.is based in California and also operates offices in Michigan, Illinois, the United Kingdom, and Canada.
The company struggled to manage supply chain difficulties that also affected the rest of the automotive industry. Earlier this year, Rivian’s stock prices took a big hit when it threatenedAlthough its initial public offering was massive, Rivian’s shares have fallen 69 percent this year, through Friday.
. That company is also facing staffing issues as it is cutting around 10 percent of its salaried workforce. As the economy weakens, both companies, and all EV manufacturers, will face difficulties as consumers shy increasingly away from high-priced vehicles and reports come in that an auto-loan bubble is set to burst.
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