Rivian CEO adds 41,000 shares at an average price of $25.77 per share

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

According to SEC form filed on May 16, Rivian Automotive CEO Robert Scaringe added 41,000 shares for $1.05 million, at an average price of $25.77 per share. Scaringe owns now a total of 169,175 shares directly, 4,337,997 through a trust and 4,595 by LLC.

According to The Wall Street Journal, Rivian Automotive legal battle with Commercial Vehicle Group, could affect the production of the Amazon destined Vans. The electric vehicle maker sued in March the Ohio-based company accusing it of violating the supply contracts for seats.

Rivian claims that the supplier nearly doubled the initially agreed-upon price per unit, the court filings reviewed by WSJ said. The Commercial Vehicle Group denied saying the price increases seen only happened after the design changes. The automaker warned that the production of the Vans can be stopped if Commercial Vehicle Group stops providing seats, Court Filings say.

In early May, Rivian‘s van was seen in Germany with a Swedish license plate. Recently, the company declined to disclose how many of these vehicles were built so far, but during the recent visit by Media to the facility, dozens of those were seen ready to be delivered apart from the ones on the assembly line.

According to a May 13 filing, George Soros’ Fund Management increased its stake in Rivian Automotive buying 6,045,000 Class A shares during the first quarter of 2022. Soros was one of the early investors in the electric vehicle maker buying 19,835,761 shares in Q4 2021 making Rivian its largest holding. Based on Friday’s closing price, the 25.88 million Rivian shares owned by the Fund are valued at $691 million.

Last week, Rivian Automotive announced its Q1 2022 Financial Results missing the first quarter revenue estimated reporting $95 million versus the consensus estimate of $130.5 million. The EV maker reiterated its forecast to produce 25,000 vehicles in 2022. 

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter