Rivian shares decline on 2021 production and executive departure

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  • Shares of Rivian continued to fall on Monday after confirming its vehicle production last year as well as the departure of an executive.
  • The stock closed down 5.6% on Monday at $81.44 per share.

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Shares of Rivian Automotive fell 5% on Monday after the company missed its 2021 vehicle production target and confirmed the departure of its chief operating officer.

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The electric vehicle start-up said it built 1,015 vehicles in its first few months of production — 185 vehicles short of the initial manufacturing target. Of those vehicles, 920 were delivered to the owners, Rivian said in a release.

The final highs announced after the market closed did little to help the company’s stock, which lost 5.6% on the day before closing Monday at $81.44 per share.

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

A spokesperson for Rivian confirmed Kopps’ move to CNBC, marking it a retirement that had been planned for months. He said his duties have been absorbed by the Rivian leadership team.

The production results come less than a month after the company said it would fall “a few hundred vehicles short” from its 2021 production target of 1,200 vehicles. Rivian officials said it faced supply chain issues as well as challenges in producing the complex batteries that power the vehicles.

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

The company went public in November through a blockbuster IPO.

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