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Rivian’s Stock Slide Deepens as Operating Chief Steps...

Defend Truth

International Finance

Rivian’s Stock Slide Deepens as Operating Chief Steps Down

A Rivian R1T electric pickup truck during the company's IPO outside the Nasdaq MarketSite in New York, U.S., on Wednesday, Nov. 10, 2021. Electric vehicle-maker Rivian Automotive Inc. priced shares in its initial public offering at $78 apiece to raise about $11.9 billion, the biggest first-time share sale this year.
By Bloomberg
11 Jan 2022 0

Rivian Automotive Inc.’s chief operating officer stepped down, extending a tumultuous stretch for the electric-vehicle maker. The shares fell in late trading.

Rod Copes, who had held the title since March 2020, left last month, according to his LinkedIn profile.The company said in a statement that he “began a phased retirement from Rivian several months ago, affording the team continuity as we moved toward production ramp.” His duties have been distributed across the leadership team, the company said Monday.

The fast-growing truckmaker, which in November completed the year’s biggest initial public offering, has hit a rough stretch recently, saying in December that it would fall “a few hundred vehicles short” of its goal to build 1,200 units for the year. Last week, the shares fell after Amazon.com Inc., a major investor and customer, said it would buy electric delivery vans from Stellantis NV.

Rivian said in a regulatory filing Monday that it produced 1,015 vehicles last year and delivered 920.

The stock fell 5.3% to $77.16 a share at 5:40 p.m. in New York after-hours trading, below its IPO price of $78. Through Monday’s close, Rivian’s shares had already fallen 21% this year.

The Wall Street Journal earlier reported the Copes departure.

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