?? Carmaker Rivian missed its production target for 2021
?? By the end of 2021, the company had delivered 920 vehicles
?? Rivian stock is no longer considered a “high-flying stock”
Amazon-backed carmaker Rivian Automotive Inc did not meet its 2021 production target. The manufacturer of electric pickup trucks is considered a rival to Tesla and had to correct its forecasts for 2021 downwards last month due to delivery bottlenecks.
Company misses production target
The company announced in December that it expects to produce a few hundred fewer vehicles and miss the 2021 target. The production target for 2021 was originally 1,200 vehicles. According to the group, 1,015 vehicles were actually produced. In a statement from the company, the number of vehicles delivered by the end of 2021 was given as 920. The automaker also recently announced the resignation of Rod Copes as Chief Operating Officer. To ensure continued team continuity for the forthcoming production ramp-up, Copes’ resignation began a few months earlier and was implemented in stages, the company said in an emailed statement. The former manager’s duties were transferred to the company’s executive team.
Rivian share price falls
Rivian shares, which are traded on the NASDAQ, temporarily fell 5.6 percent to $81.44 in response to the news that the production target was just missed. At the beginning of the year, the share was valued at $75.13, below the issue price of $78 at the IPO in November for the first time. Previously, the Rivian share was considered a “high-flying stock”. This term is used to describe high-priced and speculative stocks whose prices can fall or rise sharply within a short period of time.
M. Wieser / Editor finanzen.net
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