Electric car maker Rivian is reportedly planning to cut 5% of its workforce

Sources familiar with the situation, said on Monday that electric car maker Rivian plans to lay off hundreds of people, the proportion of its total workforce may reach about 5% .

Following the news, the company's shares fell sharply by 6.44% on Monday to close at $29.93.

Rivian had more than 10,000 employees worldwide as of December 31, 2021, according to previous regulatory filings by Rivian.

The cuts will focus on non-manufacturing jobs, including teams with duplication of functions, following a surge in headcount, the sources said. But the source also said the layoffs are still in the planning stage and the company has not made any decisions.

Rivian declined to respond to a request for comment.

Last week, Rivian disclosed that it delivered more than 4,400 vehicles in the second quarter, nearly four times the number delivered in the previous quarter, putting it on track to meet its 25,000-car production target for 2022.

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