Rivian stock sinks after 13,000 vehicles recalled for steering-safety issue
The company's stock fell as much as 11% to $33.30 in premarket trading before paring the loss to 7%. The shares this year have tumbled by about 67%.
"In rare circumstances, the fastener has loosened fully," Scaringe wrote."I want to reiterate that this is extremely rare, but it does reinforce why we are acting with urgency and caution." A spokesperson for Rivian told Insider that vehicle exams at company service centers would be free and that the cost to perform a change was"not material." Exams should take a few minutes to perform.
"[This] is a black eye for Rivian as the company is just now starting to hit its stride on reaching its 25k production target for 2022 and has roughly 100k+ reservations in hand for its EV
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