Why Rivian, Polestar, and Lucid Stocks All Dropped Today
Electric car stocks took a tumble in noon (ET) trading Thursday, with Lucid Group (NASDAQ: LCID) falling 3.8%, Rivian Automotive (NASDAQ: RIVN) sliding 4.6%, and Polestar (NASDAQ: PSNY) doing worst of all -- down 7.4%, and trading at penny stock levels -- just $0.87 a share.
Another EV company entirely, though -- (NASDAQ: TSLA) -- may be the reason for EV investor dismay.
Every year, Tesla publishes an annual "impact report" describing its environmental, social, and governance, or ESG goals. Today's controversy concerns the first letter in the acronym -- the E. For the past couple of years, Tesla's 150-plus-page ESG report has stated that Tesla intends to produce 20 million electric cars by 2030.
Source Fool.com