Rivian shares slumped after the company announced a big recall


Production of electric Rivian R1T pickup trucks on April 11, 2022 at the company’s plant in Normal, Ill.

Michael Wayland / CNBC

Shares of Rivian Automotive fell sharply on Monday after the electric vehicle maker said late Friday that it is recalling more than 12,000 vehicles – nearly every EV it has made to date – to double-check that a fastener in the vehicles’ steering assembly was properly tightened.

After falling more than 10% at times during the day, Rivian’s stock ended the session down about 7%.

The recall includes every Rivian R1T pickup and R1S SUV made through late September, as well as some of the EDV delivery vans the company produced for Amazon — 12,212 vehicles in all —…


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