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Rivian recalls about 13,000 vehicles

Rivian Automotive said Friday it is recalling almost all the vehicles it has delivered to customers in order to tighten a loose fastener that could affect drivers' ability to steer. The Electric truck and SUV maker, which was founded in 2009, said it is recalling about 13,000 vehicles because a fastener connecting the vehicles' front upper-control arm and steering knuckle may not be torqued enough.

There have been seven reports potentially related to the issue, but no injuries have been reported, Rivian said.

"If you experience excessive noise, vibration or harshness from the front suspension, or a change in steering performance or feel, you should call immediately," Rivian CEO RJ Scaringe wrote in a letter to vehicle owners.

The company based in Irvine, California, said the fix would only take a few minutes, and it expects to have finished the repairs on all of them in about 30 days, with customer collaboration.

Rivian is aiming to take advantage of a growing appetite among consumers and investors for electric vehicles. It is among a long line of companies, both new and old, trying to peel away market share from Tesla.

It went public last year, and its market value quickly soared past that of Ford and General Motors to become the second-most valuable U.S. automaker behind Tesla. But that is no longer the case: The company's stock is down 67% so far this year.

In March, Rivian announced price hikes on its vehicles, then backtracked only two days later following a backlash from angry customers.

In July, Rivian laid off more than 800 workers. It reported a net loss of $1.6 billion during its first quarter of 2022, and a $1.7 billion loss in the second quarter.

Last month, Rivian said it was partnering with Mercedes-Benz to build a factory in Europe that will produce electric vans for both companies.

Rivian has been plagued by chronic production delays due in part to supply shortages, including of semiconductors. Its Illinois factory is capable of making 150,000 vehicles a year, but this year the company is expecting to roll out just 25,000. For customers who have purchased a Rivian truck, the wait to receive it is now more than a year long. 

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