Rivian moving some engineering team to its Illinois factory

Rivian moving some engineering team to its Illinois factory

Rivian Automotive Inc. RIVN is moving a portion of its staff to its Illinois factory.

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

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The report said that the relocation is part of the EV maker's plan to ramp up production.

A significant portion of the team who is responsible for the design and operation 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 all over the U.S. and allowed them to work remotely during the epidemic.

Rivian will offer severance and hire fresh for those who won't relocate now, according to the report. In February, it was reported that Rivian planned to slash 6% of its workforce in order to increase vehicle production and reach profitability.

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

Rivian shares fell by 89.5% until the last close of the listing on the Nasdaq in 2021.

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