Assembly lines have shut down at Rivian Automotive in Normal. The planned shutdown began on Saturday with production scheduled to start up again April 28.
Rivian officials said the shutdown will allow the company to make technological upgrades to the plant. When production resumes, only two shifts of workers will be making electric vehicles after the third shift was eliminated.
Pessimism among investors after the company’s flat production forecast led to a sharp selloff in the value of Rivian’s stock. Rivian shares have lost almost 92% since its highly publicized initial public offering in November 2021.
