Rivian Shares Fall After Recall

Rivian shares took a nosedive this week after the electric vehicle maker issued a recall of more than 12,000 vehicles, almost all of the units made in its short history.

The carmaker, which started production last fall, will check that a fastener in steering assemblies is adequately tightened.

On Monday, Rivian stock periodically fell 10%, ending the session down more than 7%.

The recall involves all R1T pickup trucks and R1S SUVs manufactured through late last month, plus some EDV delivery vans made for Amazon. The company recalled the large number of vehicles out of caution, though it estimates a tiny number actually have a loose fastener, which in rare cases could come off and lead to loss of steering control.

Repair of the fasteners is quick, said the company, which notified affected owners and estimates it will complete adjustments within 30 days.

READ MORE: Rivian Recalls 13,000 Vehicles

Originally posted on Auto Dealer Today