The U.S. automaker Rivian Automotive announced that its CEO will participate in Bernstein’s 38th Annual Strategic Decisions Conference on Thursday, June 2 at 3:30 pm EST. A live webcast of Scaringe’s participation will be available here.
Scaringe will advance with a reorganization in the company management to “keep pace with projected growth plans”, Bloomberg reported on Friday. Rivian‘s Executive Vice President, Charly Mwangi, that entered the U.S. electric vehicle maker in May 2020 is now departing the company. In addition, Rivian will split the leadership of commercial and retail arms.
Earlier this week, RJ Scaringe participated in the 7th Annual Morgan Stanley Sustainable Futures Conference in New York City.
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.