Electric vehicle maker Rivian Automotive plans to cut hundreds of jobs, possibly around 5% of its total work force, Bloomberg News reported on Monday, citing people familiar with the matter.
Shares of the company fell 6.6% to $29.87 in afternoon trade.
Rivian had over 10,000 employees globally, as of Dec 31, 2021, according to the company's filing.
The cuts, following a surge in staffing, will focus on non-manufacturing roles, including teams with duplicate functions, the report said.
The layoffs are still in the planning stage and nothing has been decided, it added.
Rivian declined to comment, when contacted by Reuters.
Rivian said last week that it delivered over 4,400 vehicles in the second quarter, nearly four times more than the preceding quarter, putting it on track to reach its 25,000-unit production goal for 2022.
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