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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Gallery: Rivian announces plans for Georgia factory
Rivian Georgia
Gov. Brian Kemp drives past a Rivian truck on Dec. 16 after announcing the electric vehicle maker will build a $5 billion battery and assembly plant east of Atlanta.
John Bazemore, Associated Press
Rivian Georgia
Georgia Gov. Brian Kemp, right, gets a tour of a Rivian electric truck from Rivian executive vice president of facilities Jimmy Knauf during a ceremony to announce the electric truck maker plans to build a $5 billion battery and assembly plant dollars east of Atlanta. employ 7,500 workers, Thursday, December 16, 2021, in Atlanta. (AP Photo/John Bazemore)
John Bazemore
Rivian Georgia
Georgia Gov. Brian Kemp, flanked by a Rivian electric truck, announces the electric truck maker plans to build a $5 billion battery and assembly plant east of Atlanta, expected to employ 7,500 workers, Thursday, 16 December 2021, in Atlanta. (AP Photo/John Bazemore)
John Bazemore
Rivian Georgia
Gov. Brian Kemp smiles as he stands next to a Rivian electric truck during a ceremony to announce the electric truck maker plans to build a $5 billion battery and assembly plant east of Atlanta, expected to employ 7,500 workers, Thursday, December 16, 2021, in Atlanta. (AP Photo/John Bazemore)
John Bazemore
Rivian Georgia
Georgia Gov. Brian Kemp, flanked by a Rivian electric truck, announces that the electric truck maker plans to build a $5 billion battery and assembly plant east of Atlanta, expected to employ 7,500 workers, Thursday, 16 December 2021, in Atlanta. (AP Photo/John Bazemore)
John Bazemore
Rivian Georgia
Gov. Brian Kemp walks past a Rivian electric truck after announcing that electric truck maker Rivian Automotive will build a $5 billion battery and assembly plant east of Atlanta, expected to employ 7,500 workers, Thursday, Dec. 16, 2021, in Atlanta, Ga.
John Bazemore
Contact Connor Wood at (309)820-3240. Follow Connor on Twitter: @connorkwood
Contact D. Jack Alkire at (309)820-3275.