Rivian Relocating Staff To Illinois EV Plant To Boost Production: Report

Rivian Automotive Inc. RIVN is reportedly relocating a section of its staff to its Illinois factory.

What Happened: Rivian is relocating parts of its manufacturing engineering team to its Illinois factory, The Wall Street Journal reported, citing a person familiar with the matter.

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The relocation is part of the EV maker’s reorganization plan to ramp up production, the report added.

A “significant portion” of the team responsible for the design and functioning of the factory will be asked to relocate to central Illinois or the company's headquarters in Irvine, according to WSJ.

Rivian hired engineers from across the U.S. and allowed them to work remotely during the pandemic.

To those who won’t relocate now, Rivian will offer severance and hire freshly, the report added. Early in February, it was reported that Rivian planned to slash 6% of its workforce in an attempt to channelize resources to boost vehicle production and reach profitability.

For the fourth quarter, Rivian reported revenue of $663 million and a loss of $1.73 per share. The company produced 10,020 vehicles in the quarter, up 36% quarter-over-quarter. The company is guiding to produce 50,000 vehicles in 2023.

Since listing on the Nasdaq in 2021, Rivian shares fell 89.5% until last close.

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