News

Rivian’s Stock Slide Deepens as Operating Chief Steps Down

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

Most Read from Bloomberg

Cypriot Scientist Says Deltacron Covid Variant Isn’t Error

World’s Biggest Crypto Fortune Began With a Friendly Poker Game

Dip Buyers Drive U.S. Stock Rebound After Selloff: Markets Wrap

Singapore Breaks Down Covid Deaths by Vaccine, With Moderna Seeing Lowest Rate

Cyprus Finds Covid-19 Infections That Combine Delta and Omicron

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.

(Updates with delivery numbers in fifth paragraph)

Most Read from Bloomberg Businessweek

Intel Is About to Relinquish Its Chipmaking Crown to Samsung

Solar Power and Battery Storage Will Be the Real Test for Tesla

Ready to Eat Some Lab-Grown Meat? The FDA Will Soon Decide

Nuclear Power Gets a Fresh Look as Nations Chase Climate Goals

Fur Industry Hopes Certification Will Help It Shed Its Inhumane Image

(C)2022 Bloomberg L.P.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News