Rivian layoffs hit more workers as EV startup struggles

The job losses will begin in June, Griffin wrote, and are expected to be permanent.

In February, the company announced it was cutting 10% of its workforce, which sent the stock plummeting from the dizzying heights it had achieved after its 2021 initial public offering.

At that time, the company was valued at nearly $88 billion. On Monday, it was valued at about $11 billion. Reuters reported recently that, as of Dec. 31, the company had about 16,790 employees across North America and Europe.

“We continue to work to right-size the business and ensure alignment to our priorities,” a Rivian spokesman said in a statement. “As a follow-up to some of the changes we made to teams in February, in April we shared some additional changes to groups supporting the business. Around 1 percent of our workforce was affected by this change. This was a difficult decision, but a necessary one to support our goal to be gross margin positive by the end of the year.”