Stock Market News

Rivian Plans to Cut 5% of Staff – Report

2022.07.12 09:16

Rivian Plans to Cut 5% of Staff - Report
Rivian (RIVN) Plans to Cut 5% of Staff – Report

Budrigannews.com – Bloomberg reported Monday afternoon that electric vehicle maker, Rivian (NASDAQ:RIVN) is planning layoffs that could trim its workforce by about 5%. The report cites people familiar with the matter. Layoffs numbering in the hundreds could be announced in the coming weeks.

Rivian has added thousands of new employees over the last year as it began production of its own electric trucks and SUVs as well as a delivery van for Amazon (NASDAQ:AMZN). The California-based company currently has about 14,000 employees.

Shares in the company soared along with investor interest after the company went public late last year. However, as supply chain issues persist around the world, Rivian has struggled in its efforts to ramp up production. Share prices have since fallen over 80%.

The cuts are still in the planning stage and will focus on nonmanufacturing roles, including teams with duplicate functions, said the people, who asked not to be identified.

If these layoffs go forward, Rivian will join companies across America trimming operations. Tesla (NASDAQ:TSLA) is cutting 10% of its salaried workforce, while protecting manufacturing jobs, after Chief Executive Officer Elon Musk said he sees a recession as inevitable.

Rivian’s shares were down about 7% in mid-afternoon trading following the news.

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,381.36 0.23%
ethereum
Ethereum (ETH) $ 3,451.51 0.87%
tether
Tether (USDT) $ 1.00 0.04%
xrp
XRP (XRP) $ 2.27 1.77%
bnb
BNB (BNB) $ 700.65 0.99%
solana
Solana (SOL) $ 196.85 0.30%
dogecoin
Dogecoin (DOGE) $ 0.328229 1.49%
usd-coin
USDC (USDC) $ 1.00 0.11%
staked-ether
Lido Staked Ether (STETH) $ 3,449.34 0.95%
cardano
Cardano (ADA) $ 0.904748 3.24%
tron
TRON (TRX) $ 0.256259 0.66%
avalanche-2
Avalanche (AVAX) $ 40.22 1.92%
chainlink
Chainlink (LINK) $ 24.36 0.70%
the-open-network
Toncoin (TON) $ 5.96 3.62%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,112.74 0.89%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 1.71%
sui
Sui (SUI) $ 4.50 1.79%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,117.29 0.06%
hedera-hashgraph
Hedera (HBAR) $ 0.311442 3.85%
stellar
Stellar (XLM) $ 0.380263 4.18%
polkadot
Polkadot (DOT) $ 7.39 1.76%
weth
WETH (WETH) $ 3,449.75 0.94%
hyperliquid
Hyperliquid (HYPE) $ 27.02 8.13%
bitcoin-cash
Bitcoin Cash (BCH) $ 457.69 3.48%
leo-token
LEO Token (LEO) $ 9.56 0.75%
uniswap
Uniswap (UNI) $ 13.78 4.94%
litecoin
Litecoin (LTC) $ 107.55 1.61%
bitget-token
Bitget Token (BGB) $ 5.64 15.02%
pepe
Pepe (PEPE) $ 0.000018 3.70%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,646.97 0.79%
near
NEAR Protocol (NEAR) $ 5.42 2.72%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.09%
aave
Aave (AAVE) $ 366.90 2.49%
usds
USDS (USDS) $ 1.01 0.50%
internet-computer
Internet Computer (ICP) $ 11.16 0.04%
aptos
Aptos (APT) $ 9.53 2.14%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.509433 3.54%
crypto-com-chain
Cronos (CRO) $ 0.15728 4.72%
mantle
Mantle (MNT) $ 1.23 0.38%
vechain
VeChain (VET) $ 0.051099 4.65%
ethereum-classic
Ethereum Classic (ETC) $ 27.08 3.94%
render-token
Render (RENDER) $ 7.47 5.03%
bittensor
Bittensor (TAO) $ 499.64 0.03%
whitebit
WhiteBIT Coin (WBT) $ 24.94 0.73%
monero
Monero (XMR) $ 195.12 2.06%
mantra-dao
MANTRA (OM) $ 3.74 1.48%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.34 5.29%
dai
Dai (DAI) $ 1.00 0.09%
arbitrum
Arbitrum (ARB) $ 0.791786 4.10%
filecoin
Filecoin (FIL) $ 5.26 4.26%