Rivian (NASDAQ:RIVN) stock is in the spotlight after the electric vehicle (EV) company announced that it has hired Alan Hoffman as its new chief policy officer. Prior to joining Rivian, Hoffman held the role as Carvana’s (NYSE:CVNA) head of corporate affairs and worked closely with the communications, public policy, and government relations functions.
“As the global demand for EVs continues to grow, Rivian is providing consumers with exceptional and exciting vehicles and is transforming the auto industry,” said Hoffman. “Future generations are impacted by the policy decisions being made today and I am excited to join Rivian as it helps chart the course in this burgeoning industry.”
RIVN Stock: Alan Hoffman Named as New Chief Policy Officer
In total, Hoffman brings over 30 years of public policy experience, with other prior roles at Herbalife (NYSE:HLF), PepsiCo (NASDAQ:PEP), the U.S. Department of Justice, and the U.S. Attorney’s Office.
Earlier this year, Rivian announced that Jim Chen, vice president of public policy, would step down. Chen cited prioritizing time with his family as a contributing reason to his exit. During his time with Rivian, Chen worked on advocating for changes to laws that require automotive companies to sell vehicles using franchised dealerships. A change to this law could pave the way for Rivian to sell its vehicles directly to consumers. It’s likely that Hoffman will work toward tackling this difficult issue as well.
Meanwhile, a major catalyst for RIVN stock is just on the horizon. On Aug. 8, after the market close, the company will report its second-quarter earnings. During Q2, Rivian produced 13,992 vehicles and delivered 12,640 of them. Rivian had previously provided 2023 production guidance of 50,000 vehicles, and it believes that is on track to satisfy that estimate.
Back in March, Bloomberg disclosed that a company executive had discussed with employees that production of 62,000 vehicles this year was possible. Following publication of the unconfirmed guidance, a spokesperson told Reuters that the number was taken out of context and did not provide any more information.
Rivian produced 9,395 vehicles during Q1, bringing total production as of June 30 to 23,387 vehicles. That means that it must produce at least 26,613 vehicles during the second half of the year to satisfy its 50,000-vehicle guidance.
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.