Rivian Share Drops 5% After Confirming Missed Production Targets and COO Departure

Rivian R1T  EV Pickup 8 photos
Photo: YouTube Screenshot/Marques Brownlee
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In 2021, Rivian R1T EV truck upstart automaker caused a stir with its revolutionary off-road agile electric truck. The R1T truck is so popular it's threatening to steal a cake long reserved for the American favorites, Ford and Chevy. But it's not all butterflies and fairies for the start-up EV manufacturer as shares fell 5% in after hours trading on Monday.
Rivian's shares dropped during after hours trading on Monday after the start-up stated it missed its 2021 production targets and confirmed the departure of its Chief Operating Officer, Rod Copes.

According to the EV manufacturer, it produced 1,015 units in its first few months, falling 185 EVs short of its manufacturing target. Of these cars, 920 vehicles got to clients.

The final tallies, announced after the markets closed, did little to assist the start-up's stocks, having lost 5.6% earlier before closing at $81.44 a share.

According to the Wall Street Journal, Rivian COO Copes left the EV start-up in December 2021 as it ramped up its production schedule.

Rivian, through their spokeswoman, confirmed their COO's departure to CNBC, characterizing it as a planned retirement scheduled months earlier. She added that a leadership team had absorbed Cope's duties.

The production results come less than four weeks after the automaker stated it would fall short by a few hundred units of its 1,200 vehicles 2021 production target. According to Rivian executives, the Company, like many others in the industry, faced supply chain issues and challenges ramping up the production of batteries that power the R1T trucks and SUVs.

The EV start-up started the production of its first all-electric pickup truck called the R1T in September 2021, an SUV followed in December. The automaker went public via a blockbuster IPO in November 2021.

Despite the production snags, the Company's reservation for its R1T pickup truck and R1S SUV increased by 28% to 71,000 by December 15th, 2021.The Company also plans to open a new $5 billion plant in Georgia by 2024.
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About the author: Humphrey Bwayo
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Humphrey is a car enthusiast whose love and passion for automobiles extended into collecting, writing, driving, and working on cars. He got his passion for cars from his Dad, who spent thousands of hours working on his old junky 1970 E20 Toyota Corolla. Years later, he would end up doing the same with a series of lemons he’s owned throughout his adult life.
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