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Yikes: EV Company Forced to Make Another Massive Recall or Nearly All of its Vehicles as Stock Price Plummets

Electric vehicles are becoming a very common sight when traveling down a busy road, and with their growing popularity comes growing concerns over their long-term usefulness.

Rivian Automotive, one of the leaders in the electric truck and SUV industry, has announced a recall on 13,000 of its vehicles that have been sold to date.

Due to a loose fastener, the driver’s ability to steer and control the vehicle may be compromised.

According to Rivian, there have been seven reports related to the issue, but none of those reports have involved injury to the driver or passengers.

“If you experience excessive noise, vibration or harshness from the front suspension, or a change in steering performance or feel, you should call immediately,” said Rivian CEO RJ Scaringe in a letter to his customers.

“In rare circumstances, the nut could loosen fully,” he continued.

Scaringe late added that “it’s important not to minimize the potential risks involved and why we are volunteering to conduct this recall.”

“We will begin immediately contacting affected customers to schedule appointments for inspections and repairs if needed,” said another company spokesperson.

According to Rivian, the repairs will be quick, take roughly a few minutes, and will be completed for all vehicles in about a month as long as customers act accordingly.

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Rivian became the second most valuable U.S. Automaker last year when it passed Ford and General Motors, losing only to its rival electric vehicle manufacturer Tesla.

Rivian has been one of the most successful companies to take advantage of the growth in the EV market but has seen stock plummet 67% this year.

This comes at a time when Rivian is beginning to lose its grip that it once held on the market and it may cost the company massive amounts of consumer goodwill.

This news comes just days after the company announced that it had ramped up production and is on pace to build 25,000 electric vehicles this calendar year.

It is a massive blow to the company which was steadily moving in the right direction in the eyes of investors.

According to an article by CNBC, many market experts were rating Rivian stock as a potentially strong growth investment leading into 2023.

Other concerns focus on the fact that this is not the first large recall by Rivian.

Earlier this year the company recalled its popular pick-up truck for faulty passenger seat airbags.

“If a child seat or a child is seated in the front passenger seat, the passenger airbag might not be deactivated as required. In the event of a crash which deploys the front passenger air bag, the infant in the child seat or child occupant may have an increased risk of injury,” says the reason for that recall.

By: Goose