Rivian laying off employees?

[JKDU]

Was it their Communications Department?

? LOL! Best question asked so far!

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[JerseyGreens]

Either way we will find out on 3/10. I just bought some shares any way today.

 

[E.S.]

Did Rivian just layoff 750 employees?

Big layoffs in conjunction with the vehicle price increases/reservation cancellations could be a big warning for investors.

I'm hoping somebody else can confirm or dispell this claim about the layoffs.

This has about as much stank on it as that asshole that keeps putting up Tiktoks of a Rivian failing a crash test but it's really a Nissan Titan crashing (you can see the name of the vehicle as it's being smashed in).

 

[atlastracer]

Either way we will find out on 3/10. I just bought some shares any way today.

If the number was small enough (as a percentage) would they even need to disclose it? This could just be part of annual performance reviews. Maybe they are following similar practices from other tech companies and laying off under-performers as a result of annual reviews.

Edit: Or as someone else said...simply restructuring.

 

[AxelR]

If they are as knowledgeable as their Venice hub guides they can lay off all of them.

 

[Zoidz]

Most states have a law requiring advance notice of layoffs when it reaches a certain threshold. I Googled Illinois and found this:

https://www2.illinois.gov/dceo/WorkforceDevelopment/warn/Pages/default.aspx

Rivian has not reported a planned layoff in the past 3 months (Dec/Jan/Feb), and 60 days advance notice is required. I suppose they could have just announced it today and it's not on the state web site yet....

WARN Layoffs

Illinois WARN defines notice-triggering events differently than federal WARN. Illinois WARN applies to employers with 75 or more full-time employees (excluding part-time workers) and requires employers to provide 60 days advance notice of pending plant closures or mass layoffs.


A “mass layoff” under Illinois WARN is a reduction in force at a single site of employment that is not the result of a “plant closing” and results in employment losses during any 30-day period (or, in some cases, during any 90-day period) of 25 or more full-time employees if they constitute one-third or more of full-time employees at the site, or 250 or more full-time employees.

 

[AxelR]

It could be done in smaller waves in order to not have to comply with that law.

 

[crashmtb]

It could be done in smaller waves in order to not have to comply with that law.

Most places have similar laws, and layoffs are done in bunches to get around them.

Worth noting these sorts of laws have exemptions usually for seasonal or otherwise clearly defined short term layoffs, usually less than 6 months.

 

[AxelR]

@crashmtb I’m even surprised they care in the US

 

[simmoac]

I live about 20 minutes away and have plenty of employees/contractors filling up my social media - if this was true I would have seen it on a feed.

 

[Jarico75]

VPE or vehicles per employee is super low right now. It is possible they are overstaffed in some areas. Although this is true the only reason to do this right before an earnings call is to have a ready answer to address a situation. Looking at current ramp rates it looks like this might raise more questions than problems it solves.

Hoping it is not true, but can see that it might make sense.

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