Rivian shares decline on 2021 production and executive departure

Rivian R1T all-electric powered truck in Times Sq. on listing day, on Wednesday, Nov. 10, 2021 in New York.

Ann-Sophie Fjello-Jensen | AP

Shares of Rivian Automotive fell 5% in afterhours buying and selling Monday just after the enterprise claimed it missed its 2021 auto production focus on and confirmed the departure of its chief running officer.

The electric powered automobile start off-up reported it developed 1,015 cars in its initial few months of production – falling 185 cars small of an initial production goal. Of those people cars, 920 were sent to owners, Rivian explained in a launch.

The closing tallies, which ended up announced after the marketplaces shut, did little to aid the firm’s inventory, which missing 5.6% earlier in the working day ahead of closing at $81.44 a share Monday.

The Wall Street Journal also noted that Rivian Main Functioning Officer Rod Copes left the automaker very last month as the enterprise was ramping up manufacturing.

A Rivian spokeswoman confirmed Copes’ departure to CNBC, characterizing it as a retirement that was prepared for months. She reported his duties have been absorbed by the Rivian management workforce.

The production results arrive fewer than a thirty day period right after the firm said it would drop “a couple of hundred vehicles short” of its 2021 generation target of 1,200 motor vehicles. Rivian executives reported it confronted provide chain difficulties as very well as issues ramping up generation of the elaborate batteries that power the vehicles.

Rivian begun generating its initial motor vehicle, an all-electric powered pickup termed the R1T, in September, followed by an electrical SUV in December.

The organization went community by a blockbuster IPO in November.