Shares of Rivian Automotive Inc. closed 7.3 percent lower on Monday after the electric-vehicle maker recalled nearly all its vehicles, heightening investor concerns that the company may not be able to meet its 2023 production target.
Rivian’s market capitalization dropped more than $2 billion to $31.1 billion in a single day, compared with automakers such as Ford Motor Co. and General Motors Co., which are valued at $45.67 billion and $47.08 billion, respectively.
Amazon-backed Rivian on Friday recalled about 13,000 vehicles due to a possible loose fastener that could cause the driver to lose steering control.
The company started selling electric vehicles in the third quarter of last year and has so far delivered 13,198 vehicles….