Rivian shares skid 9% after EV maker recalls nearly all vehicles
Shares of Rivian Automotive Inc fell about 9% on Monday after the electric-vehicle maker recalled nearly all its vehicles, exacerbating investor concerns that the company may not be able to meet its 2023 production target.
The Amazon.com Inc-backed firm on Friday recalled about 13,000 vehicles due to a possible loose fastener that could cause the driver to lose steering control.
Rivian started selling its EVs in the third quarter of last year, and has so far delivered 13,198 vehicles.
“We have greater concerns on 2023 production expectations,” RBC Capital Markets said in a note on Monday. The addition of battery packs and motors as well as downtime required at the plant to ramp up capacity could derail Rivian’s pace of production, it said.
