Electric truck maker meets lowered production forecast
Electric vehicle maker Rivian (RIVN) – Get Rivian Automotive, Inc. Class A Report said Monday its chief operating officer, Rod Copes, has left the company. Separately it reported production figures in line with lowered guidance it offered last month.
The Amazon-backed company said in emailed comments that “Rod began a phased retirement from Rivian several months ago, affording the team continuity as we moved toward production ramp.” Copes’ “duties have been absorbed by our leadership team,” the company added.
Copes had joined the company in March of 2020 and left in Dec. 2021, according to his LinkedIn profile. He had previously served as president at Royal Enfield of North America. Prior to that he’d spent 19 years in a variety of roles at Harley Davidson (HOG) – Get Harley-Davidson, Inc. Report.
In a statement Monday, Rivian said it had produced 1,015 vehicles by the end of 2021. It said it had delivered 920.
Last month the company said it would fall “a few hundred vehicles short” of its production target of 1,200, citing parts shortages that have plagued much of the automotive industry over the past year. At the time, the company said it had produced 652 vehicles and delivered 386 through Dec. 15. Rivian has preorders for more than 70,000 of its electric trucks.
In addition, Amazon.com, which holds a 20% stake in Rivian, has ordered 100,000 Rivian delivery trucks. However, last week Amazon announced a wide-ranging agreement with Stellantis to be the first commercial customer for its Ram ProMaster Battery Electric Vehicle (BEV) scheduled to launch in 2023.
Rivian went public at $78 a share on Nov. 10, raising a net $13.5 billion.
Shares fell in after-hours trading, with the stock off $2.59, or 3.1% to $78.85
