Rivian’s Stock Slide Deepens as Operating Chief Steps Down

2 years ago 749

(Bloomberg) -- Rivian Automotive Inc.’s main operating serviceman stepped down, extending a tumultuous agelong for the electric-vehicle maker. The shares fell successful precocious trading.

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Rod Copes, who had held the rubric since March 2020, near past month, according to his LinkedIn profile.

The institution said successful a connection that helium “began a phased status from Rivian respective months ago, affording the squad continuity arsenic we moved toward accumulation ramp.” His duties person been distributed crossed the enactment team, the institution said Monday.

The fast-growing truckmaker, which successful November completed the year’s biggest archetypal nationalist offering, has deed a unsmooth agelong recently, saying successful December that it would autumn “a fewer 100 vehicles short” of its extremity to physique 1,200 units for the year. Last week, the shares fell aft Amazon.com Inc., a large capitalist and customer, said it would bargain electrical transportation vans from Stellantis NV.

Rivian said successful a regulatory filing Monday that it produced 1,015 vehicles past twelvemonth and delivered 920.

The banal fell 5.3% to $77.16 a stock astatine 5:40 p.m. successful New York after-hours trading, beneath its IPO terms of $78. Through Monday’s close, Rivian’s shares had already fallen 21% this year.

The Wall Street Journal earlier reported the Copes departure.

(Updates with transportation numbers successful 5th paragraph)