MF: $RIVN Has Had 3 Plant Fires In 7 Months

Motley Fool headline: Why Rivian Stock Got Burned on Wednesday

By Rich Smith - Jun 1, 2022 at 2:44PM…

Four months ago, if you recall, investors shrugged off news that a Rivian vehicle spontaneously combusted while atop a vehicle lift at the Rivian Automotive plan in Normal, Illinois. Now it’s looking like they may have been overgenerous in giving Rivian a pass on that incident.

As Illinois’ WGLT radio reported four days ago – in a story that’s been filtering out slowly ever since – the Normal Fire Department was called to respond to a fire at the Rivian Automotive plant once again on Saturday morning. And as the station reported, this was “at least the third fire at the plant in the last seven months.”

Unlike the February truck fire, but more like an incident reported in October last year, Saturday’s fire centered on a battery pack, not yet installed in a truck, that went into “thermal runaway” by overheating and catching fire in the factory’s battery testing area. The battery in question this week may have been damaged, because the radio station reported that it was located “in a repair area” of the factory when it caught fire.

That daily chart looked like it was basing. Let’s see what it does over the next week.