Why Rivian, Fisker, and Lucid Stocks Dropped Today

Shares of pretty much every electric vehicle (EV) company competing with (NASDAQ: TSLA) for sales dropped this morning. As of 11:05 a.m. ET, Rivian (NASDAQ: RIVN) shares are shedding 2.6%, Fisker (NYSE: FSR) is off 3%, and Lucid Group (NASDAQ: LCID) is a 4% loser.

And it's mostly because of what Tesla did on Friday.

For years, investors (and car shoppers) have anticipated Tesla's introduction of a true electric car for the mass market. Called the "Model Q" and more often the "Model 2," this is supposed to be a $25,000 subcompact car that will be revealed perhaps in 2024 and go on sale in 2025.

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Source Fool.com