Written by Cláudio Afonso | LinkedIn | X
Claire McDonough, the CFO of the electric vehicle manufacturer Rivian, sold 3,210 shares according a Form 4 filing with the Securities and Exchange Commission (SEC) on Friday. The transaction, occurring on May 16, was executed at $10.25 per share, totaling approximately $32,902.
Conducted under a Rule 10b5-1 trading plan, the sale was previously adopted by McDonough on June 14, 2023, the filing discloses.
The rule enables company insiders to establish a prearranged plan to sell company stocks at a time when they lack material non-public information, aiming to prevent insider trading.
On Friday, Rivian shares rose 3.65 percent to close at $10.50 each, but the year-to-date performance indicates a 55 percent loss.
| 5 Day | 5.11% |
| 1 Month | 21.67% |
| 3 Month | -35.58% |
| Year to Date | -55.24% |
| 1 Year | -22.05% |
In addition, according to the filing, Rivian withheld 4,029 shares of Class A Common Stock on May 15 to cover tax obligations linked to the vesting of 11,287 Restricted Stock Units. Valued at $11.19 per share, based on the closing price of the company’s stock on May 14, this amounted to $45,084.
Following these transactions, McDonough’s direct ownership in Rivian Automotive stands at 405,422 shares of Class A Common Stock.
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The automaker has been urging early pre-order holders to finalize their purchase of an R1 model by the end of September or risk forfeiting their grandfathered pricing discount of about $18,000.
This discount enables customers to lease a base R1T for $420 per month with an initial payment of approximately $7,000. In an email sent to all the reservation holders, Rivian says “Now is the time” to take advantage of the discount of “approximately 20 percent”.
The EV manufacturer confirmed on Wednesday that is partnering with Google on Google Cast and YouTube integration.
Drivers will now have the capability to stream high-definition video content with premium sound directly to their vehicle’s screen, using both a native YouTube app and Cast-enabled apps on their phone or tablet.
The company has recently reported 13,980 vehicles produced in the first quarter of the year of which 13,588 were delivered to its customers. Despite having previously guided a 10-15% quarter-over-quarter drop from the fourth quarter, Rivian is on track and reaffirmed its 2024 production guidance of 57,000 vehicles.
Written by Cláudio Afonso | LinkedIn | X
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