Rivian has informed state officials of its plans to implement further layoffs in California.
In a communication dated April 24 to the state’s Employment Development Department, Scott Griffin, Rivian’s vice president of people, outlined the company’s intention to lay off more than 120 employees, including 89 in Irvine and 28 in Palo Alto. Griffin stated that these job cuts, scheduled to start in June, are expected to be permanent.
Despite efforts to reach Rivian officials for comment, including via email and phone, no response was received.
This announcement follows a prior round of layoffs in February, when Rivian announced a 10% reduction in its workforce. This move led to a significant decline in the company’s stock value, which had surged post its 2021 initial public offering. Rivian’s valuation, once nearly $88 billion, has now dropped to about $11 billion.
Rivian’s recent challenges mirror broader trends within the EV industry, which has faced a drop in demand in recent months. With many affluent consumers already owning EVs, the broader consumer market remains cautious.
