• Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us
News Zents
No Result
View All Result
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
No Result
View All Result
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
News Zents
No Result
View All Result
Home Market

Rivian shares skid after EV maker recalls nearly all vehicles By Reuters

Reuters by Reuters
October 10, 2022
0


© Reuters. The logo of startup Rivian Automotive’s is seen at the electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. Picture taken April 11, 2022. REUTERS/Kamil Krzaczynski

(Reuters) – Shares of Rivian Automotive Inc fell 7% on Monday after the electric-vehicle maker recalled nearly all its vehicles, exacerbating investor concerns that the company may not be able to meet its annual production target.

The Amazon.com (NASDAQ:) Inc-backed firm on Friday recalled about 13,000 vehicles due to a possible loose fastener that could cause a driver to lose steering control.

Rivian has so far delivered 13,198 vehicles since it started selling in the third quarter of last year.

“We have greater concerns on 2023 production expectations,” RBC Capital Markets said in a note on Monday. The addition of battery packs and motors as well as downtime required at the plant to ramp up capacity could derail Rivian’s pace of production, it said.

Rivian’s shares have fallen 67.3% this year due to a selloff in equities driven by an uncertain macroeconomic environment and a production forecast cut.

The company in March cut its annual production forecast in half to 25,000 due to sticky supply-chain issues.

Wall Street expects Rivian to make 23,590 vehicles this year, according to Visible Alpha.

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 and the company to secure local incentives for its project in the state.

The local development authority had said in May the company would gain incentives of $1.5 billion from the state.

Tags: MakerrecallsReutersRiviansharesskidvehicles
Advertisement Banner
Reuters

Reuters

Next Post

rbi: RBI cancels licence of Pune-based The Seva Vikas Co-op Bank

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

The Children’s Place: Fall Tees and Pajamas for the Family as low as $3.19 shipped!

October 5, 2022

The Fed’s BIG Green Bag! MSCI Global Technology Index Has Worst Month since October 2008 As Fed Withdraws Stimulus (NASDAQ, PayPal, ARKK All Tumbling)

October 11, 2022

Traits of an Entrepreneur | StartupNation

January 29, 2023

USAA’s Kirby Wisian to retire, with Swetonic to lead on cat bonds

October 24, 2022

A Seat at the Table: The Risks of Complacent Data Privacy Governance

November 9, 2022

Kinder Morgan, Inc. (KMI) Q3 2022 Earnings Call Transcript

October 21, 2022

Recent News

Apple unveils the Vision Pro, iOS 17 brings new features, and WhatsApp launches Channels

June 10, 2023

Trump delivers fiery post-indictment speech: ‘They’re coming after you’

June 10, 2023

Categories

  • Business
  • Economy
  • Finance
  • Fintech
  • Insurance
  • Market
  • Regulation
  • Startups
  • Uncategorized

This is an online news portal designed to provide the latest market news, world news, fintech, and more like that from around the world. We are committed to sharing only high-quality content from the world's best trusted sources.

  • Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us

© 2015 - 2022 Newszents - All contents Copyright Newszents. All rights reserved

No Result
View All Result
  • Home
  • Business
  • Economy
  • Finance
  • Fintech
  • Insurance
  • Market
  • Startups

© 2015 - 2022 Newszents - All contents Copyright Newszents. All rights reserved