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Rivian shares decline on 2021 manufacturing and government departure – Information by Automobilnews.eu

Rivian shares decline on 2021 manufacturing and government 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 car manufacturing goal and confirmed the departure of its chief working officer.

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.

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

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.

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Rivian shares decline on 2021 manufacturing and government departure – Information by Automobilnews.eu
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