According to a Wall Street Journal report, citing sources, Rivian Automotive Inc plans to relocate parts of its manufacturing engineering team to Illinois, as the company seeks to accelerate production.
Under the reorganization, employees who work on manufacturing engineering will be asked to relocate to Normal, Illinois, or to Rivian Automotive’s headquarters in Irvine, the report stated.
“In terms of ramping production, it’s helpful to have the manufacturing and engineering teams closer to our facilities in Normal as well as our headquarters in Irvine,” a spokesperson for the auto maker was quoted as saying by Reuters.
Last month, the company issued a full-year 2023 production forecast below market expectations, since it still faces supply chain issues.
In 2022, Rivian Automotive narrowly missed its annual production target of 25,000 vehicles.
The shares of Rivian Automotive Inc (RIVN) closed 0.66% ($0.09) lower at $13.62 on Nasdaq on Friday, with the auto maker’s total market cap now standing at $12.032 billion.
The shares of Rivian Automotive Inc have retreated 26.10% so far this year, following another 82.22% loss in 2022.