RIVN Stock Alert: Rivian Chief Accounting Officer Jeffrey Baker Resigns

Management Changes - Rivian's Chief Accounting Officer (CAO) Jeff Baker will resign on July 27, 2024, to pursue other opportunities [1] - Baker's resignation is not due to any disagreement with the company regarding financial reporting, operations, policies, or practices [1] - Chief Financial Officer Claire McDonough will serve as interim CAO while Rivian searches for a permanent replacement [2] Insider Activity - Jeff Baker sold 31,425 shares at an average price of $13.18 on March 11, 2024, totaling$414,219, leaving him with 52,415 shares [1] - Rivian insiders have sold $2.5 million worth of shares over the past year with no insider purchases [1] Production and Delivery Performance - Rivian's Q2 2024 deliveries increased by 9.1% to 13,790 vehicles, surpassing analyst estimates by 14.9% [2] - Production declined by 31.3% to 9,612 vehicles due to a month-long shutdown in April for facility upgrades [2] - The company expects a 30% improvement in production efficiency following the upgrades [3] Production Guidance and Catalysts - Rivian reiterated its 2024 production guidance of 57,000 vehicles [3] - As of June 30, 2024, Rivian has produced 23,952 vehicles, requiring an additional 33,048 vehicles to meet its annual target [3] - The company will report its Q2 2024 earnings on August 6, 2024 [3]