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Rivian shares decline on 2021 manufacturing and govt 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 stated it missed its 2021 automobile manufacturing goal and confirmed the departure of its chief working officer.

The electrical automobile start-up stated 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 house owners, Rivian stated 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 Road 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 stated his duties have been absorbed by the Rivian management staff.

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

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

The corporate went public by way of a blockbuster IPO in November.

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