Rivian Recalls 666 R1 Vehicles Over Concerns Of Incorrect Weight Capacity Labeling On Tires
Portfolio Pulse from Anan Ashraf
Rivian Automotive (NASDAQ:RIVN) is recalling 666 R1 vehicles from model years 2022 and 2023 due to incorrect weight capacity labeling on tires. The company will send corrected labels to vehicle owners and is not aware of any accidents or injuries related to the issue. Rivian recently unveiled its second-generation R1 vehicles and aims to start production of a cheaper R2 model in 2026.
June 25, 2024 | 11:27 am
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Rivian is recalling 666 R1 vehicles due to incorrect weight capacity labeling on tires. The company will send corrected labels to owners and has reported no accidents or injuries. This recall comes shortly after the unveiling of their second-generation R1 vehicles.
The recall of 666 vehicles due to incorrect weight capacity labeling could negatively impact Rivian's stock price in the short term. Although no accidents or injuries have been reported, recalls generally create negative sentiment among investors. However, the recent unveiling of new R1 models and future plans for the R2 model may mitigate some of the negative impact.
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