Rivian Automotive Inc., once considered the darling of the electric vehicle market, has informed state officials that it plans more layoffs in California.
In an April 24 letter to the state Employment Development Department, the company's vice president of personnel, Scott Griffin, said the company planned to lay off more than 120 employees, including 89 in Irvine and another 28 in Palo Alto.
The job losses will begin in June, Griffin wrote, and are expected to be permanent.
Officials at Rivian, known for its sleek, distinctive pickup trucks and sport utility vehicles, did not respond to an email seeking comment and could not be reached by phone.
In February, the company announced it would cut 10% of its workforce, sending shares tumbling from the dizzying heights it had reached following its 2021 IPO.
At the time, the company was valued at nearly $88 billion. On Monday, it was valued at about $11 billion. Reuters recently reported that, as of December 31, the company had around 16,790 employees in North America and Europe.
The drop is part of a broader reckoning for electric vehicle companies, which have faced falling demand in recent months because most wealthier buyers already own an electric vehicle and the consumer market overall remains cautious.
