Rivian electric pickup trucks sit in the parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
electric vehicle startup Rivian Automotive The company is planning layoffs that could cut nearly 5% of its workforce after growing too quickly in some areas, Bloomberg says. informed of on Monday.
Hundreds of layoffs could be announced in the coming weeks, Bloomberg reported, citing people familiar with the matter. But the layoffs are still in the planning stage and no final decision has been taken, the report said.
The California-based company Irvine has about 14,000 employees.
Shares of Rivian were down nearly 7% in afternoon trading following the news.
Rivian has added thousands of new employees over the past year as it began production of its electric trucks and SUVs as well as delivery vans. heroine, Shares of Rivian surged amid intense investor interest shortly after going public late last year, but have since fallen more than 80% as the company has struggled to increase production amid global supply-chain disruptions.
A Rivian spokesperson declined to comment on the report.