Rivian shares decline on 2021 production and executive departure

Shares of Rivian Automotive fell 5% in afterhours trading Monday after the company said it missed its 2021 vehicle production target and confirmed the departure of its chief operating officer.

The electric vehicle start-up said it built 1,015 vehicles in its first few months of production – falling 185 vehicles short of an initial manufacturing target. Of those vehicles, 920 were delivered to owners, Rivian said in a release.

The final tallies, which were announced after the markets closed, did little to help the company’s stock, which lost 5.6% earlier in the day before closing at $81.44 a share Monday.

The Wall Street Journal also reported that Rivian Chief Operating Officer Rod Copes left the automaker last month as the company was ramping up production.

A Rivian spokeswoman confirmed Copes’ departure to CNBC, characterizing it as a retirement that was planned for months. She said his duties have been absorbed by the Rivian leadership team.

The production results come less than a month after the company said it would fall “a few hundred vehicles short” of its 2021 production target of 1,200 vehicles. Rivian executives said it faced supply chain issues as well as challenges ramping up production of the complex batteries that power the vehicles.

Rivian started producing its first vehicle, an all-electric pickup called the R1T, in September, followed by an electric SUV in December.

The company went public through a blockbuster IPO in November.