Rivian drops after missing 2021 production targets and announcing the departure of its chief operating officer

The Rivian R1T is in the year 2022.

Tim Levin is anInsider.

Rivian missed its production target and confirmed an executive departure, which caused the electric truck maker's shares to fall 4%.

The startup said it produced 1,015 electric vehicles last year, just short of its target of 1,200. It said it delivered 920 vehicles, which missed its target of delivering 1,000 pickup and 15 SUVs in total. The company warned in December that it might miss its production targets.
The Wall Street Journal reported that the company's chief operating officer, Rod Copes, retired in December. Rivian told the Journal that the company's leadership team took over the responsibilities of Copes and that he was going to retire. A company spokesman did not respond to Insider's request for comment.
The EV-maker has lost all of its gains since going public in November of 2016 at a price of 78 cents per share. The company's shares were down 3.8% at 8:41 a.m. in New York.
In the last month, the stock has dropped more than 30%. Last week, shares sank after Amazon said it had struck another deal with an EV-maker.
Morgan Stanley analyst Adam Jonas said the EV-maker is still a good long-term play despite the recent drop. He said that investors just have to be willing to deal with short-term pain.
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