Rivian shares decline on 2021 manufacturing and govt departure

Rivian shares decline on 2021 production and executive departure

Rivian R1T all-electric truck in Instances Sq. on itemizing day, on Wednesday, Nov. 10, 2021 in New York.

Ann-Sophie Fjello-Jensen | AP

Shares of Rivian Automotive fell 5% in afterhours buying and selling Monday after the corporate mentioned it missed its 2021 automobile manufacturing goal and confirmed the departure of its chief working officer.

The electrical automobile start-up mentioned it constructed 1,015 autos in its first few months of manufacturing – falling 185 autos in need of an preliminary manufacturing goal. Of these autos, 920 have been delivered to homeowners, Rivian mentioned in a launch.

The ultimate tallies, which have been introduced after the markets closed, did little to assist the corporate’s inventory, which misplaced 5.6% earlier within the day earlier than closing at $81.44 a share Monday.

The Wall Avenue Journal additionally reported that Rivian Chief Operating Officer Rod Copes left the automaker final month as the corporate was ramping up manufacturing.

A Rivian spokeswoman confirmed Copes’ departure to CNBC, characterizing it as a retirement that was deliberate for months. She mentioned his duties have been absorbed by the Rivian management staff.

The manufacturing outcomes come lower than a month after the corporate mentioned it will fall “a number of hundred autos quick” of its 2021 manufacturing goal of 1,200 autos. Rivian executives mentioned it confronted provide chain points in addition to challenges ramping up manufacturing of the complicated batteries that energy the autos.

Rivian began producing its first automobile, an all-electric pickup known as the R1T, in September, adopted by an electrical SUV in December.

The corporate went public via a blockbuster IPO in November.

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