U.S. EV automaker Rivian revealed that COO (Chief operating officer) departed from the company last December. Rivian Automotive, Inc. produced 1,015 vehicles by the end of 2021. 920 vehicles were delivered by that date. The company had warned last month that would likely fall a few hundred short of its goal to build 1,200 vehicles last year.
The production and delivery numbers combined with the report that Rivian’s COO left the company last month are sending the share price down. Rivian shares closed 5.6% lower Monday to $81.44; shares are falling another 3.3% during Pre-Market.
Rivian has more than 71,000 “pre-orders” (meaning refundable reservations) for its R1T pickup trucks, according to its letter to shareholders posted in December.
On Dec. 3, U.K. offered Rivian more than 1 billion $1.32 billion to build a plant in Somerset. The 635-acre site could be used for battery production, car assembly or both if the plans are approved, according to The Financial Times report.
Rivian had raised about $10.5 billion in venture capital funding as of mid-2021, including from Amazon and Ford.
During Q3 2021, Rivian delivered their first consumer vehicles, the R1T pickup truck and R1S SUV, in September and December, respectively, and completed the certification process for the sale of our Electric Delivery Van (“EDV”). We raised $13.7 billion of gross proceeds from the IPO.
Rivian is expanding the capacity of its Illinois factory from 150,000 vehicles to 200,000 vehicles a year. A second factory in Georgia, with a capacity of 400,000 units a year was announced with the production in this facility starting in 2024.