Rivian to hold employee meeting Friday to address layoffs, restructuring

EV maker Rivian Automotive Inc. plans to brief employees on Friday on potential layoffs and plans to suspend some programs as part of a broader restructuring, CEO RJ Scaringe said in an email sent to employees on Monday evening.

The company has struggled this year to ramp up production at its plant in Normal, Ill., and has seen its share price drop by more than two-thirds since early January, after Rivian slashed its 2022 production target.

In his email, which was shared by the company with Reuters, Scaringe said the company is “financially well positioned,” but that it has begun “prioritizing certain programs (and) stopping some.”

Rivian also has halted some non-manufacturing hiring, while “adopting major cost-down efforts” to reduce expenses, he said.