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Why EVs and Auto Stocks Are Taking It on the Chin Today

TheMotleyFool

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Why EVs and Auto Stocks Are Taking It on the Chin Today: https://g.foolcdn.com/editorial/images/749709/2022-rivian-r1s-driveway.jpg

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