Report: Layoffs expected at Rivian | Local business

NORMAL — Rivian Automotive is planning hundreds of layoffs, Bloomberg first reported Monday, citing “unnamed people familiar with the matter.”

It was not immediately clear whether positions in the company’s Normal operations would be affected. Miranda Jimenez, corporate communications at Rivian said: “We have nothing to add at this time.”

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The rumored layoffs are expected to focus on non-production roles, Bloomberg said, and could affect 5% of the company’s 14,000 employees, or 700 people. Bloomberg’s sources said the layoffs could be announced within the next few weeks.

The electric vehicle maker is headquartered in California. It makes vehicles at its plant on the west side of Normal, which it bought in 2017. As of last month, it employed more than 5,800 people at the plant.

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Rivian has also planned expansions at the factory. The projects include additions to the plant space as well as a wind turbine.

Rivian also plans a manufacturing plant in Georgia, where it is receiving $1.5 billion in state and local government aid.

The company launched its IPO in November. However, the stock has fallen after an initial rally that peaked at more than $170 a share. Shares were at $31.99 at the close on Friday.

Production has also been lower than originally anticipated, an issue company officials attribute to supply chain issues.

Rivian isn’t alone in making cuts in the electric vehicle space right now, Bloomberg reported. Tesla is also planning paid staff layoffs.

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Contact Connor Wood at (309)820-3240. Follow Connor on Twitter: @connorkwood

Contact D. Jack Alkire at (309)820-3275.

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