Rivian’s Inventory Slide Deepens as Working Chief Steps Down

Rivian’s Stock Slide Deepens as Operating Chief Steps Down

(Bloomberg) — Rivian Automotive Inc.’s chief working officer stepped down, extending a tumultuous stretch for the electric-vehicle maker. The shares fell in late buying and selling.

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Rod Copes, who had held the title since March 2020, left final month, in accordance with his LinkedIn profile.

The corporate stated in a press release that he “started a phased retirement from Rivian a number of months in the past, affording the group continuity as we moved towards manufacturing ramp.” His duties have been distributed throughout the management group, the corporate stated Monday.

The fast-growing truckmaker, which in November accomplished the 12 months’s greatest preliminary public providing, has hit a tough stretch lately, saying in December that it could fall “a couple of hundred autos brief” of its objective to construct 1,200 items for the 12 months. Final week, the shares fell after Amazon.com Inc., a serious investor and buyer, stated it could purchase electrical supply vans from Stellantis NV.

Rivian stated in a regulatory submitting Monday that it produced 1,015 autos final 12 months and delivered 920.

The inventory fell 5.3% to $77.16 a share at 5:40 p.m. in New York after-hours buying and selling, under its IPO value of $78. Via Monday’s shut, Rivian’s shares had already fallen 21% this 12 months.

The Wall Road Journal earlier reported the Copes departure.

(Updates with supply numbers in fifth paragraph)

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