Rivian Recalls 13,000 Electric Vehicles; Stock Down 8%
(RTTNews) - Shares in Rivian Automotive, Inc. (RIVN) are slipping more than 8 percent on Monday morning after reports that the electric-vehicle maker is recalling about 13,000 vehicles, almost all of the vehicles it has produced, due to potentially loose fastener to the front steering knuckle.
The Irvine, California-based company reportedly said the issue could lead to excess wheel camber or tilt and wheel vibration, and in some rare cases, separation of the wheel, impacting the driver's ability to steer the vehicle.
Though the Rivian found the issue in only seven of its electric vehicles, it is reportedly recalling 12,212 electric vehicles as a precautionary measure, which includes pickups, vans and SUVs. However, there have been no injuries reported related to the recalled vehicles.
The company said it expects to complete the repairs on all of the affected vehicles in about 30 days as it takes only few minutes to fix the issue.
The EV maker reportedly said it will begin contacting affected customers to fix appointments for a free inspection and repair if required.
The Amazon.com, Inc. (AMZN) backed EV maker manufactures the R1T pickups and R1S SUVs for customers. It also has inked a deal with Amazon to manufacture 100,000 electric delivery vans. Ford Motor Co. (F) is also a strategic investor in the company.
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