Why Rivian Shares Are Trading Lower Today

Rivian Automotive Inc (NASDAQ: RIVN) is trading lower Tuesday morning after the company reported its 2021 vehicle production results.

Rivian said it produced a total of 1,015 vehicles in 2021 and delivered 920 of them, according to a filing.

Rivian warned that it might not meet its production goals for 2021 during its most recent earnings report.

“We expect to be a few hundred vehicles short of our 2021 production target of 1,200, however, we are encouraged by the progress and learnings our team continues to incorporate into our operations,” Rivian said in its third-quarter letter to shareholders. 

Rivian also announced that its COO, Rod Copes, retired from the company in December 2021. His duties have been dispersed among the company’s leadership team. 

See Also: EV Week In Review: Tesla, Nikola Call Truce; Week To Forget For Rivian; Sony Jumps Into EV Arena And More

RIVN Price Action: RIvian has traded as low as $75.13 and as high as $179.46 since it went public in November. 

The stock was down 4.08% at $78.12 at time of publication.

Photo: courtesy of Rivian.

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