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
New Vehicles Down for Most Brands
Healthy May sales cut into inventory as automakers kept a tight reign on supply, though some brands ended the month with excess units on the ground.
Read More →
Auto Prices Ride May Moderation
Flat ATPs and asking prices clocked in below long-term averages for the month, though some segments saw significant price gains, reported Cox Automotive.
Read More →
Mitsubishi Sets Growth Strategy, Structural Transformation
The Japanese automaker aims to 'strengthen products and technologies that embody its brand identity,' focus on its strongest markets and expand value-chain businesses 'that leverage its unique strengths.'
Read More →
Affordable, Safe Cars for Teen Drivers
Families looking to balance affordability and safety in vehicles for their teen drivers can look to the updated list of recommended vehicles by IIHS and Consumer Reports.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
Holman Opens Porsche Dealership in Miami
The North Miami store features the brand’s signature Destination Porsche design concept, combining contemporary architecture and technology to create what the auto group calls an ultra-luxury experience.
Read More →
Chicago to Gain Cadillac Rooftop in 2027
The two-story Cadillac dealership is being constructed at the former Lincoln Yards site, owned and operated by Canada-based Jack Carter Auto Group.
Read More →
Mid-Atlantic Ford Store Has New Owner
A growing Maryland automotive group is only the 93-year-old dealership’s third owner after its longtime proprietors retired.
Read More →
Porsche Dealership Breaks Ground in Illinois
Barrington Porsche will be the new location for Murgado Automotive Group’s existing Porsche dealership currently in the Motor Werks of Barrington auto mall.
Read More →
Michigan Auto Group Acquires Ohio Rooftops
Feldman Automotive Group added two new brands, Honda and Toyota, to its portfolio with its latest acquisition of four Fireside dealerships in Ohio.
Read More →