Rivian shares decline on 2021 manufacturing and government departure
Ann-Sophie Fjello-Jensen | AP
The electrical car start-up stated it constructed 1,015 automobiles in its first few months of manufacturing – falling 185 automobiles in need of an preliminary manufacturing goal. Of these automobiles, 920 had been delivered to homeowners, Rivian stated in a launch.
The ultimate tallies, which had 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 Working 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.
Rivian began producing its first car, 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.