July 13, 2022—EV maker Rivian is planning to cut hundreds of jobs. 

According to Bloomberg, these layoffs are still in the planning stages. However, these layoffs could impact around 5 percent of the company's overall workforce. 

The areas impacted by these cuts would apparently not include manufacturing roles and instead would focus on teams that have duplicate functions, according to Bloomberg. It is anticipated that these layoffs will be announced in the coming weeks. 

Rivian currently has over 14,000 employees. Shares for the company have dropped about 69 percent this year through last Friday's close.