AMAZON.COM, INC.

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Rivian executive in charge of manufacturing engineering quits in management rejig

05/28/2022 | 08:07am EDT
FILE PHOTO: Rivian introduces R1T all-electric pickup truck at LA Auto Show in Los Angeles

(Reuters) - Rivian Automotive said on Friday Charly Mwangi, who helped kick-start the electric-vehicle maker's manufacturing process, will leave the company.

Mwangi, a former Tesla Inc executive, served as Executive Vice President from May 2020 at Rivian. He brought the R1T pickup truck and R1S SUV to production in late 2021.

His departure comes amid the arrival of former Magna International executive Frank Klein, who is due to take over as chief operations chief in June and oversee production, supply chain and manufacturing engineering.

The Amazon-backed company, which cut its 2022 production target earlier this year, added it was confident the restructuring of its operations team will strengthen Rivian's ability to deepen its relationships with commercial partners.

Rivian's Chief Executive RJ Scaringe has said it would be able to double its production if there were no supply constraints, after he pointed to allocation of semiconductors being an issue. (This story corrects headline to fix Mwangi's position in company)

(Reporting by Akash Sriram in Bengaluru; Editing by Krishna Chandra Eluri)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 1.75% 108.1002 Delayed Quote.-34.67%
MAGNA INTERNATIONAL INC. -3.53% 70.68 Delayed Quote.-30.94%
RIVIAN AUTOMOTIVE, INC. -1.67% 25.335 Delayed Quote.-75.18%
TESLA, INC. -0.63% 669.55 Delayed Quote.-36.28%
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Financials (USD)
Sales 2022 524 B - -
Net income 2022 7 683 M - -
Net cash 2022 38 568 M - -
P/E ratio 2022 139x
Yield 2022 -
Capitalization 1 081 B 1 081 B -
EV / Sales 2022 1,99x
EV / Sales 2023 1,67x
Nbr of Employees 1 608 000
Free-Float 86,1%
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Mean consensus BUY
Number of Analysts 53
Last Close Price 106,21 $
Average target price 175,90 $
Spread / Average Target 65,6%
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Managers and Directors
Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Jonathan Jake Rubinstein Lead Independent Director
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