Rivian Shares Fall After Recall
New EV maker dinged by big recall due to loose fastener.
Rivian has recalled R1S SUVs, in addition to pickups and some delivery vans made for Amazon.
IMAGE: Rivian
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
More Showroom
October Auto Sales Fall With the Leaves
A forecast anticipates retail deliveries are down this month as consumers continue to face cost challenges, though more are tapping long loans in order to buy.
Read More →
California Sees Quarterly Gains
California’s new-vehicle market saw a boost in hybrids in the third quarter and its first overall quarterly market gain of the year.
Read More →
New-Vehicle Prices Stay Put
Affordability pressures and model availability shaped new-vehicle sales in September, according to an analysis by Kelley Blue Book.
Read More →
EV Buyer Consideration Shifts
What drives American consumers to purchase an electric vehicle is shifting as the question moves away from Should I?' to 'Which features and experience do I want to have?'
Read More →
Year-to-Date Auto Sales Holding Their Own
A forecast through August shows that automakers have shifted strategies to keep deliveries and revenues up despite tariffs and other economic challenges.
Read More →
Slow to Robo
Ten years of polling consumers shows autonomous vehicles’ profiles have risen considerably, but even more people now want at least some level of control if they go that route.
Read More →
Dealers a Little Down
A third-quarter Cox Automotive survey finds them in a mixed mood, bummed by fallen customer traffic but encouraged by better profits, costs and EV interest.
Read More →
European EV Sales Skyrocket
The EV market on the continent held strong in July with almost 25% of new-car sales being fully electric units, a stark contrast to the U.S., where EV sales declined about 42%.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
Read More →