Rivian lays off hundreds of workers as its struggles create a $19 billion headache for Amazon and Ford

• Layoffs at EV startup Rivian began this week.

• The company is cutting costs amid its production ramp-up and concerns about the economy.

• Former employees are posting on LinkedIn about the cuts, which impacted non-manufacturing roles.

Layoffs at Rivian started in late July as the electric vehicle startup races to cut costs amid a challenging economic climate and pressure to increase production.

Dozens of workers who say they are now-former employees have confirmed their departures on LinkedIn with the hashtag #rivianlayoffs about the cuts. Rivian said Wednesday that the layoffs would impact about 6% of the company's 14,000-person workforce.

Bloomberg News initially reported earlier this month that the startup was planning hundreds of cuts. These will largely impact departments less critical to manufacturing and production, other reports say. A Rivian spokesperson confirmed manufacturing roles are not affected.

The moves come less than a year after Rivian's blockbuster IPO, in which the company raised $11.9 billion — the largest IPO of 2021. A Wall Street darling, Rivian was valued at $66.5 billion when it went public. The listing followed a series of EV startups that went public, though most did so via reverse mergers with special purpose acquisition companies.

But Rivian's share price has plummeted in recent months amid a wider downturn in financial markets. In the first half of this year, its stock tumbled 75%, leading to hefty on-paper losses for its investors.