Rivian COO stepped down in December; stock slide continues

News

Rivian Automotive Inc.’s COO stepped down last month while the EV maker was in the midst of its inaugural production rampup.

Rod Copes left the company after he had held the title since March 2020, according to his LinkedIn profile.

The company said in a statement that Copes “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 some 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 percent 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 percent this year.

The Wall Street Journal earlier reported the Copes departure.

Products You May Like

Articles You May Like

2022 Ford Bronco
Factorial Energy raises $200 million to help commercialize solid-state EV battery
Mercedes-Benz looks to Luminar in new lidar deal
Renault, Geely formally agree on cooperation in S. Korea
Wild rotary-powered Mazda 3 to take on Pikes Peak

Leave a Reply

Your email address will not be published.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