By Paul Lienert
(Reuters) – Electric truck maker Rivian Automotive will brief employees on Friday on potential layoffs and plans to suspend some programs as part of a broader restructuring, Chief Executive R.J. Scaringe said in an email sent to employees on Monday evening.
The company has struggled this year to ramp up production at its plant in Normal, Illinois, and has seen its share price drop by more than two-thirds since early January.
Shares traded at midday at $30.10, up 0.5%.
In his email, Scaringe said the company is “financially well positioned,” but that it has begun “prioritizing certain programs (and) stopping some.”
Rivian also has halted some non-manufacturing hiring, while “adopting major cost-down efforts” to reduce expenses, he said.
Scaringe said the company has begun to “assess the size and structure of our teams” and will be “as thoughtful as possible as we consider any reductions” in employee head count.
(Reporting by Paul Lienert in Detroit; editing by Jonathan Oatis and Aurora Ellis)