Rivian Shares Drop Over 3% Premarket on 19,000-EV Recall; Wolfe Research Downgrades to Underperform

Shares of U.S. electric vehicle maker Rivian (RIVN.US) fell more than 3% in premarket trading to $18.22. The company recently announced a recall of 19,641 R1T pickup trucks and R1S SUVs from model years 2022 to 2025 due to the prolonged use of an incorrect repair procedure, which could cause rear suspension components to detach while driving, increasing the risk of a crash. As a result, Wolfe Research downgraded Rivian’s stock rating from “peer perform” to “underperform” and maintained its price target at $16.