Rivian names former Magna unit executive as operating chief

:Rivian Automotive Inc has named Frank Klein, a former executive at Canadian auto parts maker Magna International's unit, as its chief operating officer, at a time when the electric carmaker has warned on its 2022 production forecast.

During his tenure at the Austria-based unit, Magna Steyr, Klein oversaw its shift to the electric mobility manufacturing space, including the production of the first electric vehicle made by a contract manufacturer, Rivian said on Monday. He previously served in various management positions at German carmaker Daimler AG for nearly three decades and was responsible for setting up the Mercedes-Benz plant in Kecskemét, Hungary.

Klein will be based in Normal, Illinois, where Rivian currently produces its vehicles. The company last year said it would locate its second U.S-based manufacturing facility in Georgia. Production at the Georgia plant is slated for 2024. Rivian last week said supply-chain issues could cut its planned production in half in 2022 to 25,000 vehicles.Amazon-backed Rivian recently raised its prices by 20per cent, but rolled them back for orders booked before March 1 following a backlash.

No way - stay far away! So painful to watch retail investors lose their money every morning as the big guys back out of their bad positions.

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Rivian names Frank Klein as operating chiefElectric carmaker Rivian Automotive Inc on Monday named Frank Klein as its chief operating officer, succeeding Rod Copes. Klein was previously president at Magna Steyr, a subsidiary of Canadian auto parts maker Magna International. (Reporting by Eva Mathews in Bengaluru) Rivian is losing $12,000 per vehicle. They have essentially stated that this will be the case for the next 70,000 vehicles reserved. They will make 25,000 a year - so for the next 3 years they will lose $12,000 or more per vehicle. Close this kid’s lemonade stand.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Rivian names Frank Klein as operating chiefElectric carmaker Rivian Automotive Inc on Monday named Frank Klein as its chief operating officer, succeeding Rod Copes. Klein was previously president at Magna Steyr, a subsidiary of Canadian auto parts maker Magna International. (Reporting by Eva Mathews in Bengaluru) Rivian is losing $12,000 per vehicle. They have essentially stated that this will be the case for the next 70,000 vehicles reserved. They will make 25,000 a year - so for the next 3 years they will lose $12,000 or more per vehicle. Close this kid’s lemonade stand.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »