3/25, 1:41 AM (Source: TeleTrader)
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Rivian set to move engineers to boost output

Rivian Automotive Inc. is planning to bring more engineers to its factory in Normal, Illinois as it seeks to increase production rates, the Wall Street Journal reported. The electric car maker is likely to announce the decision "soon," according to sources, relocating a "significant portion" of its manufacturing engineering team, which currently works remotely from a number of states.

It is unclear how many employees will be asked to move, the report said. Rivian posted a $1.7 billion net loss in the fourth quarter of 2022, 32% more than in 2021. The loss for the whole of 2022 came to $6.7 billion, a 45% increase on a yearly basis. The company said it plans to produce 50,000 vehicles in 2023, compared to 24,337 in 2022.

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