Rivian Shares Skid After Ev Maker Recalls Nearly All Vehicles

After recalling virtually all of its EV's on Monday, Rivian Automotive Inc. saw a 7% drop in share price.

Investor worries that the corporation could be unable to fulfil its annual output target are being heightened.

Amazon.com Inc., recalled roughly 13,000 vehicles on Friday owing to a potential loose fastener that might result in a driver losing steering control.

Since it began selling in the third quarter of last year, Rivian has so far supplied 13,198 vehicles.

Due to an equities selloff sparked by an unstable macroeconomic environment and a lowered production outlook, Rivian's shares have dropped 67.3% this year.

Due to problematic supply-chain challenges, the company in March reduced its anticipated annual output forecast by half, to 25,000.

According to Visible Alpha, Wall Street anticipates Rivian to produce 23,590 vehicles this year.

A local court in Georgia, where Rivian is building its $5-billion manufacturing plant, last week rejected a joint proposal by the state's Department of Economic Development

The corporation would receive $1.5 billion in state incentives, according to a May statement from the local development authority.