Rivian reportedly considers laying off 700 employees

Around 700 people are thought to be in danger of being laid off at Rivian, according to a report. According to the report, the company is looking to remove jobs that were added as it scaled up and that aren't involved in manufacturing.

Rivian doesn't have anything to say at the moment, according to the company's spokesman. It might be a few weeks before an announcement.

At an important time for Rivian, this news is significant. The company is ramping up production of its vehicles for Amazon. The company said in its most recent earnings report that it had produced 2,553 vehicles, delivered 1,227 and was still planning on making 25,000 by the end of the year. The company will release its Q2 earnings report on August 11th. Rivian lost over a billion dollars in the last quarter, but has huge cash reserves.

Rivian isn't the only one considering large layoffs. In the last few months, we have seen several tech companies let go of large percentages of their staff, as well as another electric automaker, which is cutting 10% of its workforce. That is not uncommon for the company, and they sell hundreds of thousands of cars a quarter. It has proven that it can get cars off the line in mass quantities. Rivian has almost 200,000 preorders, but that capability is still in question.