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    Electric Vehicle Manufacturer Forced to Recall Nearly All of Its Vehicles – Stock Price Plummets

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    Following a Friday announcement that the firm was recalling nearly all of the vehicles it had built this year, the stock of an electric vehicle manufacturer with headquarters in California fell on Monday.

    According to CNN, the front suspension of the affected vehicles was the main focus of the Rivian Automotive recall.

    No injuries have been reported, according to Rivian, and the problem may be swiftly addressed.

    The Amazon-backed company was hurt by the recall, though, and by Monday morning trading, its shares had fallen by almost 10%.

    According to Reuters, almost 13,000 of the 13,198 automobiles Rivian has supplied are affected by the recall.

    According to a March article from Reuters, the company’s vehicles start at around $79,500.

    Investors are worried that Rivian won’t meet its production targets for the year, according to a Reuters article from Monday.

    RBC Capital Markets stated in a letter on Monday that “We have greater concerns on 2023 production expectations,”  according to Reuters.

    The Associated Press reports that after Rivian went public last year, its market value soared past that of Ford and General Motors to overtake Tesla as the second-most valuable American automaker.

    But that is no longer the case: According to the AP, the company’s stock is down 67 percent this year.

    Rivian is “under a harsh spotlight,” according to Dan Ives, an analyst with the financial security firm Wedbush, and any future blunders might significantly harm its reputation.

    Ives commented, “This is a black eye for Rivian,” according to CNBC.

    According to the AP, Rivian has stated that it intends to finish the inspection and repairs within the following 30 days.

    More on this story via The Western Journal:

    In the spring, Rivian recalled about 500 trucks, citing an air-bag issue that could injure a child in the event of a crash… CONTINUE READING…

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