Rivian CEO RJ Scaringe purchased 41,000 shares of the EV manufacturer’s Class A common stocks at an average price of $25.7772.
Scaringe’s Rivian stock purchase approximately totaled $1.05 million. He now owns 169,175 shares directly, 4,337,997 Rivian stock through a trust, and 4,596 by LLC, reported Street Insider.
Rivian shares are down by 76% year-to-date. Ford offloaded about 8 million Rivian shares, totaling $214 million earlier this month. The legacy automaker offloaded another 7 million shares worth $188.42 million recently.
Rivian has openly expressed supply chain challenges affecting its production lines. In its Q1 2022 Shareholders Letter, the company noted that it is experiencing logistics costs caused by supply chain challenges. Rivian stated that supply chain constraints would be a limiting factor to its production.
Despite supply constraints, Rivian seems optimistic about the future. It reaffirmed its 2022 annual production target of 25,000 units. Rivian appears to be adjusting to the challenges it faces. It has updated its reservation and configuration steps to adapt to increasing costs. Now, new customers can reserve their vehicles, but can only save specific configurations when their build slot’s date is closer.
“This change ensures that when a build is configured, the customer is choosing from the latest features, packages, and pricing. This new reservation system equips us to better navigate managing a large demand backlog with inflation uncertainties, planned content changes, and enhancements to ensure customers are offered the latest product offerings,” wrote Rivian in its Letter.
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