Rivian Automotive Inc., at one time considered the darling of the electric vehicle market, has informed state officials that it plans more layoffs in California.
In an April 24 letter to the state’s Employment Development Department, the company's vice president of people, Scott Griffin, said the company planned to lay off more than 120 employees, including 89 in Irvine and another 28 in Palo Alto. 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 IPO. 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.
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