US electric truck maker Rivian has recalled most of its production due to a possible technical issue.
Rivian over the weekend decided to recollect around 13,000 of its 14,317 vehicles manufactured after discovering that a fastener connecting the front upper control arm and the steering knuckle in some of its vehicles may have remained loose.
While this could cause drivers to lose control while steering, no injuries have resulted from this issue.
In a letter sent to customers, Rivian’s chief executive RJ Scaringe warned buyers “not to minimise the potential risks involved.”
“I want to reiterate that this is extremely rare, but it does reinforce why we are acting with such urgency and caution,” Scaringe wrote.
“Nothing is more important than the safety of our drivers and we will always operate with this level of action.”
Scaringe’s remarks were echoed by a spokesperson for Rivian who said all repairs would be made free of charge in a month.
“The safety of our customers will always be our top priority, and we are committed to fixing this issue on any affected vehicles as quickly as possible,” they said.
Friday was not Rivian’s first recall as in May the California manufacturer recalled around 500 electric pickup trucks in the US due to potential safety concerns around airbags and children.
Rivian can be considered the perfect cautionary tale, as the electric truck maker has been plagued by a series of challenges since last year’s blockbuster IPO.
The company listed last November in New York for an eye watering $105bn, becoming the highest valued company without any revenue in history.
In fact the car manufacturer, at the moment of floating, had yet to produce any of its electric vehicles, despite significant orders from the likes of Ford and Amazon.
The company, whose shares initially rocketed, have fallen by 65 per cent in the last year as Rivian has been plagued by supply chain issues.
In its March trading update, Rivian had slashed its yearly production forecasts from 50,000 to 25,000.
GlobalData analyst Daniel Clarke told City A.M. last year that “more traditional investors scorn Tesla and Rivian’s jaw-dropping market caps because of the huge gaps between their current revenue and their valuations.”
Perhaps little has changed in a year.