Why ElectraMeccanica Vehicles Dropped 11% Today
After soaring more than 20% Thursday, shares of specialty EV maker ElectraMeccanica Vehicles (NASDAQ: SOLO) came back down to earth a bit on Friday, losing 11%.
Many EV makers' stocks gained momentum Thursday after start-up Rivian Automotive reported some good news earlier in the week. Rivian said it nearly doubled its cumulative production volume in the second quarter since beginning production last fall.
That news eased some of the concerns that have been weighing down the share prices of start-ups in the EV sector, and helps explain the jump in ElectraMeccanica's stock. But some investors may have decided to take profits Friday given that there was no company-specific news driving ElectraMeccanica's pop.
Source Fool.com
