Skyrocketing losses have added to Rivian's problems, while its new $5 billion (£4.5bn) plant in Georgia could be in jeopardy after a state judge recently shot down a $1.5 billion (£1.4bn) incentive package the EV maker was set to garner.

The latest disastrous development is the recall of almost all of Rivian's vehicles. It was discovered that nearly all vehicles delivered to the firms customers – about 13,000 cars and trucks – run the risk of having a loose fastener that might affect a driver's ability to steer.

On a positive note, Rivian has entered into a partnership with Mercedes and, in spite of the setbacks, its longer-term future does still look bright.

How companies facing a make-or-break 2022 are faring