Energy & Critical Metals
RIVN Stock Alert: Rivian Nabs a Key Tesla Exec
Source: Tada Images / Shutterstock.com
Rivian (NASDAQ:RIVN) stock is in full focus today following a report that the electric vehicle (EV) company has…
Source: Tada Images / Shutterstock.com
Rivian (NASDAQ:RIVN) stock is in full focus today following a report that the electric vehicle (EV) company has hired Mustapha El Akkari, the former Tesla (NASDAQ:TSLA) executive in charge of the Cybertruck supply chain. At Tesla, El Akkari was the Group Manager for raw materials in relation to Tesla’s non-battery supply chain. El Akkari oversaw $16 billion in spending for raw materials like stainless steel and aluminum. His LinkedIn also states that he saved over $1 billion in cost of goods sold (COGS) savings for Tesla’s Model 3 and Model Y vehicles.
According to sources familiar with the matter, El Akkari will now become Rivian’s Senior Director of Structures and Raw Materials. El Akkari, who has an MBA from the University of Oxford, worked at Tesla for almost five years. Following his graduation from Brigham Young University- Hawaii, El Akkari went on to work at Nu Skin Enterprises (NYSE:NUS), encompassing global supply chain roles in Asian countries. The executive first joined Tesla in 2019.
RIVN Stock: Tesla Executive Mustapha El Akkari Joins Rivian
This comes as a major blow for Tesla, as production of the Cybertruck is expected to begin this summer, with deliveries starting in September. The Cybertruck will compete in the same market as Rivian’s R1T and R1S trucks.
El Akkari is far from being the first Tesla executive to join Rivian. As of 2021, over 100 roles at Rivian– including Director, Executive Vice President and senior managers — consisted of former Tesla employees. This resulted in Tesla suing the EV startup for allegedly poaching its employees.
Meanwhile, a recent RIVN insider sale has raised eyebrows among shareholders. On June 1, Chief Accounting Officer Jeff Baker sold 30,798 shares at an average price of $14.70 per share on the open market. The sale accounted for over 20% of his prior stake. Baker now owns 106,204 shares.
Since Rivian’s initial public offering (IPO), insiders have purchased $20.63 million of RIVN stock while selling $404.11 million worth of shares. The last RIVN insider purchase was attributable to Director Jay Flatley, who purchased 40,000 shares on May 26 at an average price of $29.31 per share. Today, Rivian trades in the $14 range.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.
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