Rivian shares decline on 2021 production and executive departure

$Rivian Automotive (RIVN.US)$ Shares of Rivian Automotive fell 5% in afterhours trading Monday after the company said it missed its 2021 vehicle production target and confirmed the departure of its chief operating officer.

The electric vehicle start-up said it built 1,015 vehicles in its first few months of production – falling 185 vehicles short of an initial manufacturing target. Of those vehicles, 920 were delivered to owners, Rivian said in a release.

The final tallies, which were announced after the markets closed, did little to help the company's stock, which lost 5.6% earlier in the day before closing at $81.44 a share Monday.

The Wall Street Journal also reported that Rivian Chief Operating Officer Rod Copes left the automaker last month as the company was ramping up production.

A Rivian spokeswoman confirmed Copes' departure to CNBC, characterizing it as a retirement that was planned for months. She said his duties have been absorbed by the Rivian leadership team.