Shares in Amazon-backed electric truckmaker Rivian tumbled more than 7 per cent to a three-month low on Monday after it announced a recall of almost all of its vehicles due to a defect.
The California-based company is recalling about 12,200 vehicles because of a loose nut, according to a filing Rivian made with the National Highway Traffic Safety Administration.
Rivian has made about 13,000 trucks since production began in late 2021. The defect, which it estimates is present in 1 per cent of the vehicles, could result in noise and vibration, and in the most extreme instances cause the driver to lose steering control.
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