Rivian stock sinks toward 3-month low in wake of vehicle recall for safety issue

Shares of Rivian Automotive Inc. RIVN, -8.65% sank 8.8% toward a three-month low in premarket trading, in the wake of the electric vehicle maker’s large vehicle recall due to steering problems. The company said late Friday that it intends to recall about 13,000 vehicles, which The Wall Street Journal reported was to repair improperly installed fasteners that could cause drivers to lose steering control. The company said it was “committed to fixing this issue” as quickly as possible. The stock, which sank 7.6% on Friday prior to the report of the recall, has plunged 67.3% year to date while the S&P 500 SPX, +0.06% has shed 23.6%.