Rivian Shares Fell 3% in Premarket Trading

Rivian shares fell 3% in premarket trading.Electric pickup maker Rivian Automotive Inc. has hired a top executive from a major auto parts supplier as its next chief operating officer, according to people familiar with the matter, an effort to get its troubled manufacturing operations back on track.

Rivian has struggled to ramp up production, citing supply chain constraints such as a shortage of semiconductors. To help tackle those production snags, it has chosen Frank Klein, the head of a car-making unit at Canada’s Magna International Inc., said the people, who declined to be named.

The EV-maker is closely followed and backed by a long list of stellar investors. But it has struggled since a blockbuster November initial public offering as parts shortages and production hiccups have pummeled the stock. Rivian has been without a COO since the beginning of the year when Rod Copes stepped down after less than two years on the job.

Rivian expects to build 25,000 vehicles in 2022, including two consumer models and a battery-electric delivery van for investor and customerAmazon.com Inc.That’s less than half of planned capacity at its Normal, Illinois, factory -- something the company has blamed on supply chain constraints.