By H. Mannheim, The Chicago Times
October 11, 2022
NEW YORK – Shares of Rivian Automotive Inc shed 7.3% on Monday after the electric-vehicle maker announced a massive recall last week.
Rivian, which is financed by Amazon, announced last Friday a recall of nearly 13,000 vehicles that may have a loose fastener that could cause the vehicle to steer out of control. The recall constitutes nearly every vehicle produced by the company since it ramped up production in the third quarter.
Despite an initial vehicle production estimate of nearly 23,600 vehicles for 2022, production shortfalls and current economic conditions have caused Rivian’s share price to drop 67% during the year.
The Chicago Times 