Rivian Shares Drop Due to 2021 Manufacturing and Management Exit

The all-electric Rivian R1T truck in Times Square on Listing Day Wednesday, November 10, 2021 in New York City.

Anne-Sophie Fjello-Jensen | AP

Rivian Automotive shares fell 5% after trading closed on Monday after the company said it had not met its 2021 car production target and confirmed the departure of its chief operating officer.

The electric car startup said it built 1,015 vehicles in its first few months of production, down 185 vehicles from its original production target. Of those cars, 920 were delivered to the owners, Rivian said.

The final tally, which was announced after the markets closed, did little for the stock, which shed 5.6% early in the day to close at $ 81.44 a share on Monday.

The Wall Street Journal also reported that Rivian Chief Operating Officer Rod Copes left the automaker last month as the company ramped up production.

A Rivian spokeswoman confirmed Cope’s departure to CNBC, describing it as a multi-month retirement. She said that his responsibilities were transferred to the leadership of Rivia.

Production results came less than a month after the company said it was short of “a few hundred vehicles” from its 2021 planned production of 1,200 vehicles. Rivian executives said they faced supply chain challenges, as well as challenges associated with ramping up production of sophisticated batteries that power cars.

Rivian began production of its first vehicle, an all-electric pickup truck called the R1T, in September, followed by an electric SUV in December.

The company went public in November.

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