• Rivian, a developer of battery electric vehicles including SUVs, pickup trucks, and delivery vans, is reportedly planning layoffs of about 5% of its staff. The layoffs are still in the panning stage and final decisions are yet to be made, as per sources. The company has declined to comment on the matter.

• Rivian currently employs about 14,000 staff—meaning around 700 people could lose their jobs if the layoffs happen as reported. The company has hired thousands of new employees over the last year as it commenced production of its vehicles.

• Rivian’s share price closed 6.4% down at USD 29.93 today following the news.

<ul><li> Analyst QuickTake: Rivian went public last November, and its share prices surged amid the rising interest of the investor community. However, it has faced many challenges since then, slashing its production targets down by half to 25,000 units in March amid supply chain constraints.</ul>