Bbg: $RIVN Plans Hundreds of Job Cuts

Bloomberg headline: Rivian Plans Hundreds of Job Cuts Following Surge in Staffing

:pushpin: Action may be announced in coming weeks, people familiar say

:pushpin: Cuts target nonmanufacturing jobs, areas that grew too fast

Rivian Automotive Inc. is planning hundreds of layoffs to trim its workforce in areas where the electric-vehicle maker has grown too quickly, according to people familiar with the matter.

The cuts will focus on nonmanufacturing roles, including teams with duplicate functions, said the people, who asked not to be identified discussing private information. The actions could be announced in the coming weeks, the people said.

The company, which has more than 14,000 employees, could target an overall reduction of around 5%, the people said. The layoffs are still in the planning stage and nothing has been decided. Rivian has operations in California, Michigan and Illinois, where its plant operates, as well as a presence in the UK and Canada.