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    Rivian shares decline due to 2021 production and executive resignation

    Rivian R1T all-electric truck in Times Square, New York, Wednesday, November 10, 2021.

    Ann Sophie Fierro Jensen | AP

    Share Rivian Automotive After confirming the resignation of the chief operating officer, the company said it failed to meet its 2021 car production target, it fell 5% in after-hours trading on Monday.

    Electric vehicle start-ups said they built 1,015 vehicles in the first few months of production, 185 below the initial production target. Rivian said in a release that 920 of these vehicles were delivered to the owner.

    The final tally released after the market closed rarely helped the company’s stock, which fell 5.6% early the day before closing at $ 81.44 per share on Monday.

    The Wall Street Journal Rivian Chief Operating Officer Rod Corps left the car maker last month as the company was increasing production.

    A Rivian spokeswoman confirmed that Corps had left for CNBC and characterized it as a planned retirement for several months. She said his duty was absorbed by the Rivian leadership team.

    Production results will come out less than a month after the company announced that it will fall. “There is a shortage of hundreds of vehicles.” Of the 1,200 units targeted for 2021 production. Rivian executives said they are facing supply chain issues and the challenge of increasing the production of complex batteries that power vehicles.

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

    The company has been published Blockbuster IPO In November.

    Rivian shares decline due to 2021 production and executive resignation

    Source link Rivian shares decline due to 2021 production and executive resignation

    The post Rivian shares decline due to 2021 production and executive resignation appeared first on Eminetra.

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