Rivian Automotive (RIVN) Stock Down on COO Departure, Analyst Not Worried
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Shares of Rivian (NASDAQ: RIVN) are down over 4% in pre-open Tuesday on WSJ report that Chief Operating Officer Rod Copes retired from the company in December.
His departure comes in the midst of Rivian’s efforts to ramp up production. The company said that it hit its DecQ production target with 1,015 vehicles manufactured (R1T/R1S/EDV), slightly above the consensus of 1,010, and ~920 vehicles delivered.
Rivian stock price fell in December after the CEO warned that the EV company will miss its goal of 1,200 produced vehicles in 2021.
Mizuho’s Vijah Rakesh believes that Coates’ departure “had been planned for some time.”
We believe RIVN continues to progress to the next stage of its global expansion runway as it looks to Europe and scales its manufacturing,” the analyst said in a client note.
“We continue to see RIVN positioned well on a long-term secular EV roadmap focusing on two key markets: 1) SUVs and pickup trucks that make up ~70% of U.S. vehicle sales with premium margins; and 2) Commercial delivery EV vans, as ecommerce continues to see global adoption.”
Rivian stock price is already down over 20% this year amid growth-to-value rotation.
By Senad Karaahmetovic | [email protected]
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