Electric vehicle (EV) stocks fell today after Tesla (NASDAQ: TSLA) and Rivian (NASDAQ: RIVN) both reported disappointing first-quarter delivery numbers.

It was the latest sign that demand for EVs continues to fade and that the sector's stocks look broadly overvalued. Tesla is seen as a bellwether in the EV market as well, and other EV stocks tend to respond to Tesla-specific news.

Tesla and Rivian closed down around 5%; Lucid (NASDAQ: LCID) dropped 3.5%.

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Source Fool.com