• Mon. May 27th, 2024

EV truck maker Rivian warns California of more layoffs

EV truck maker Rivian warns California of more layoffs

Rivian Automotive Inc., at one time considered the darling of the electric vehicle market, has informed state officials that it plans more layoffs in California.

In an April 24 letter to the state’s Employment Development Department, the company’s vice president of people, Scott Griffin, said Rivian planned to lay off more than 120 employees, including 89 in Irvine and 28 in Palo Alto.

The job losses will begin in June, Griffin wrote, and are expected to be permanent.

Officials at Rivian, which is known for its sleek and distinctive trucks and sport utility vehicles, did not respond to an email seeking comment and could not be reached by phone.

In February, the company announced it was cutting 10% of its workforce, which sent the stock plummeting from the dizzying heights it had achieved after its 2021 initial public offering.

At that time, the company was valued at nearly $88 billion. On Monday, it was valued at about $11 billion. Reuters reported recently that, as of Dec. 31, the company had about 16,790 employees across North America and Europe.

The decline is part of a larger reckoning for EV companies, which have faced falling demand in recent months because most wealthier buyers already have an EV, and the broader consumer market remains wary.

Source link