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

Rivian electric pickup vans sit in a parking ton at a Rivian support heart on May 09, 2022 in South San Francisco, California. 

Justin Sullivan | Getty Illustrations or photos

Electrical automobile startup Rivian Automotive is planning layoffs that could trim its workforce by about 5% after the firm grew way too quickly in some regions, Bloomberg documented on Monday.

The hundreds of layoffs could be announced in the coming weeks, Bloomberg claimed, citing people today familiar with the subject. But the layoffs are however in the scheduling stage and no remaining selections have been built, the report said.

The Irvine, California-dependent firm has about 14,000 staff.

Rivian’s shares have been down about 7% in mid-afternoon trading subsequent the news.

Rivian has additional hundreds of new personnel more than the past yr as it began generation of its very own electrical vehicles and SUVs as nicely as a shipping van for Amazon. Rivian”s shares surged amid intense investor fascination shortly soon after it went public late very last year, but have because fallen about 80% as the enterprise has struggled to ramp up output amid world supply-chain disruptions.

A Rivian spokesperson declined to remark on the report.

Examine the whole report right here.