Rivian’s CEO warns staff of culling as EV maker weighs layoffs

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The Irvine, California-based company also is adopting “major” cost-cutting exercises, including reducing materials spending, the CEO said.

The memo comes after Bloomberg reported Monday that the EV maker was considering hundreds of layoffs across nonmanufacturing positions. Scaringe in his note referred to “news reports” about restructuring at the company, saying, “This is not how we intended for you to hear about this.”

Scaringe will speak at a company all-hands meeting this Friday, where he will elaborate on the plans, he said in the memo. In his note to employees, Scaringe said that the company has halted certain nonmanufacturing hires and overall expects the team to grow as production accelerates.

Rivian shares rose less than 1% at 1:10 p.m. in New York.

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