Why EVs and Auto Stocks Are Taking It on the Chin Today
There wasn't much good news for the auto industry today. Not only is the market down, which tends to push down volatile stocks like Rivian (NASDAQ: RIVN) and Quantumscape (NYSE: QS), but interest rates are climbing again.
Shares of Rivian dropped as much as 6.3%, Quantumscape fell up to 6%, and Toyota Motor (NYSE: TM) even fell as much as 3.2% today. The three stocks were down 6.3%, 6%, and 2.7%, respectively, at 2:10 p.m. ET.
Image source: Rivian.
Source Fool.com