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Rivian plans more layoffs. Here's where

Jessica Garrison
Los Angeles Times

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 Rivian planned to lay off more than 120 employees, including 89 in Irvine and 28 in Palo Alto.

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

A Rivian sport-utility vehicle is seen on display in Austin, Texas, Feb. 22, 2023.

In February, the company announced it was cutting 10% of its workforce, which sent the stock plummeting from the dizzying heights it had .

At that time, the company was valued at nearly $88 billion. On Monday, it was valued at about $11 billion. Reuters  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."

The latest job reductions at Rivian are part of a larger reckoning for EV companies, which have faced falling demand in recent months because most wealthier buyers already have an EV, and the broader consumer market remains wary.