Rivian announces major recall of vehicles

Rivian Automotive announced on Friday it is recalling almost all the vehicles it has delivered to customers in order to tighten a loose fastener.

The electric truck and SUV maker said the problem could potentially affect drivers' ability to steer.

The recall involves 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.

EV MAKER RIVIAN SAYS ITS CURRENT MODELS WILL NOT QUALIFY FOR TAX BREAKS

"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 says it is a quick fix and expects to have finished the repairs on all of them in about 30 days.

The company, which was founded in 2009, is aiming to take advantage of a growing appetite among consumers and investors for electric vehicles. 

FORD SELLS MORE SHARES OF EV MAKER RIVIAN

Rivian 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, but has since come back to earth.

In May, Ford trimmed its stake in the company, selling 15 million shares.

Rivian's stock is down 67% so far this year.

AMAZON, RIVIAN START ROLLING OUT ELECTRIC DELIVERY VANS

Amazon has ordered a total of 100,000 electric delivery vans which will be delivered by 2030. By the end of 2022, Amazon and Rivian's electric delivery vans will hit the road in more than 100 cities.

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

The Associated Press contributed to this report.