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Rivian Recalls Nearly All Its 2022 Vehicles – Investopedia

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Rivian Automotive (RIVN) is recalling almost all of its 2022 vehicles because of a problem with a wheel fastener.
Rivan said in a filing with the National Highway Traffic Safety Administration (NHTSA) it was recalling 12,212 RT1 trucks, RS1 SUVs and EDV commercial vans after discovering that the front upper control arm and the steering knuckle retention fastener for each front wheel was was not properly tightened.
The recall involves vehicles made from Dec. 10, 2021 to Sept. 27, 2022. 
The company indicated the problem could cause excessive tilting of the wheel and in rare cases, separation. It explained drivers may “experience excessive noise, vibration, and harshness from the front suspension, and/or a change in steering performance or feel.” Rivian noted it hasn’t received any reports of injuries from the issue, which it added affects about 1% of the vehicles. 
Rivian told the NHTSA owners would be receiving recall notices to get the fasteners fixed by Nov. 24. 
The company plans to set up pop-up service areas with particularly high densities of Rivian owners, and claimed it has the capacity to inspect all the affected vehicles and make any repairs necessary within thirty days at no cost to customers. Rivian also said the costs to the company will not be material.
This marks Rivian’s third recall, according to the National Highway Traffic Safety Administration (NHTSA). The company has previously recalled EVs for airbag and seat belt issues. 
Shares of Rivian tumbled 10% in early trading on Monday and have lost about 70% of their value so far this year. 

National Highway Traffic Safety Administration “Part 573 Safety Recall Report 22V-744.”
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Finance specialist with courses ranging from corporate finance, perfonal finance and startup finance. Msc. Acturail Science, Bsc. Finance, COP Insurance and phD. Business Advministration -FInance(ongoing)