According to a report on Tuesday, Rivian is planning to lay off about 700 employees.
According to a news outlet, the move aims to cut down on staffing in areas where it has grown too fast. There could be job cuts in the next few weeks.
Global supply chain disruptions and a shortage of parts have been a problem for Rivian. Due to supplier constraints, the company was forced to stop production for longer periods than it had expected. About 25% of planned production time has been lost because of that.
There have been layoffs in the US due to slowing growth, rising labor costs, and fears of a recession.
Musk told executives in an email that he had a bad feeling about the economy.
Rivian didn't reply to the request for comment that was sent outside regular hours. It didn't say anything to the news agency.
Rivian's share price is down a lot this year.
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