Rivian Misses 2021 Production Target Of 1,200 Electric Vehicles: What You Need To Know

Rivian Automotive Inc RIVN said on Monday it fell short of its target of making 1,200 electric vehicles in 2021.

What Happened: The maker of R1T electric trucks and R1S electric SUVs said it produced 1,015 electric vehicles and delivered 920 of those last year.

The Irvine, California-based Rivian had last month warned it would fall short of the numbers as it faced issues bringing up a new supply chain.

The Amazon.com Inc AMZN and Ford Motor Co F-backed Rivian reported a steep quarterly loss in its first earnings report since going public in November.

See Also: What Does Amazon-Stellantis Deal Mean For Rivian?

COO Departure: In a separate development, Rivian said Chief Operating Officer Rod Copes retired from the company last month, a year and a month after joining the electric vehicle maker. Copes had previously worked with Harley-Davidson Inc HOG for about two decades. 

Why It Matters: Rivian shares have been under pressure since the start of this year after CEO RJ Scaringe said the company is delaying deliveries of its 400-mile R1T pickup truck to 2023.

Major investor Amazon last week teamed up with Stellantis NV STLA to provide in-car dashboard software and cloud services in a new deal, a move that Rivian says will have no impact on its own partnership with the e-commerce giant.

Amazon already has a prior agreement to buy up to 100,000 electric vans from Rivian.

Price Action: Rivian shares closed 5.6% lower at $81.4 a share on Monday. The stock is down 20.7% so far this year.

See Also: Rivian Expects Production To Fall Short Of 2021 Target, Shares Fall

Photo: Courtesy of Rivian