Rivian Automotive had on Friday announced that it is recalling almost all the vehicles it has delivered to customers in order to tighten a loose fasteners.
Fox Business reported that the recall will involve 13,000 vehicles because a fastener connecting the vehicle’s front upper-control arm and steering knuckle may not be torqued enough.
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Rivian, an electric truck and SUV maker said the problem could potentially affect drivers’ ability to steer. There have been seven reports potentially related to the issue, but no injuries have been reported, Rivian said.
“If you experience excessive noise, vibration or harshness from the front suspension, or a change in steering performance or feel, you should call immediately,” Rivian CEO RJ Scaringe wrote in a letter to vehicle owners.
The company says it is a quick fix and expects to have finished the repairs on all of them in about 30 days.
In September, Mercedes-Benz and Rivian signed a Memorandum of Understanding for a strategic partnership and joint production of electric vans – with the objective to set the standard in sustainable and all-electric transportation. Both companies will build a factory in Europe that will produce electric vans for both companies
Amazon has ordered a total of 100,000 electric delivery vans from Rivian which will be delivered by 2030. By the end of 2022, Amazon and Rivian’s electric delivery vans is expected to hit the road in more than 100 cities.
Rivian Automotive Inc. (RIVN) designs and manufactures electric vehicles (EVs) and accessories and offers related services.
It was founded in 2009, and is among a long line of companies, both new and old, trying to peel away market share from Elon Musk’s Tesla.
It went public in 2021, listing on NASDAQ on November 10 at US$78.00 a share, raising nearly US$12 billion. Its market value quickly soared past that of Ford and General Motors, but has since come back to earth.
Rivian’s stock price is down 67% so far this year, currently at US$31.38 per share.
Source: Investing.com
In May, Ford Motors who had invested US$800 million in Rivian for 12% of the company, trimmed its stake in the company, selling 15 million shares.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
