Electric Vehicle Automaker Rivian Recalls Nearly All Vehicles, Stock Drops

By on October 11, 2022 0 228Views

Electric-vehicle automaker Rivian has issued a recall on nearly all of their vehicles.

Rivian announced late on Friday the recall on over 12,000 vehicles, which equates to just about every electric vehicle the company has produced so far.

Included in the recall are Rivian’s R1T pickup and R1S SUV manufactured through September. Some EDV delivery fans produced by Rivian have also been recalled. The fans were produced for Amazon.

On the recalled vehicles, the fastener defect is related to the front suspension, which the company says may not have been fully tightened in some of the vehicles. If the fastener isn’t tight, it could affect front-end alignment causing vibrations, noise and influencing the steering functionality.

As a result of the recall, the company’s stock dropped over 10% during Monday trading on Wall Street, escalating concerns from investors. As a result, the company now fears it could have difficulties meeting production and sales targets for 2023.

Rivian is an American electric vehicle automaker and automotive technology company founded in 2009. Rivian started deliveries of its R1T pickup truck in late 2021. The company plans to build an exclusive charging network in the United States and Canada by the end of 2023.  Rivian is based in Irvine, California.