Why GM, Lucid, and Nio Shares All Tumbled in January

January wasn't a good month for stocks in many tech and growth sectors. Electric vehicle (EV) names were some of the hardest hit. General Motors (NYSE: GM) has been accelerating its transition into EVs and trying to convince investors of its place in the burgeoning EV sector. That thinking goes both ways, however, and GM shares dropped along with pure EV names like Lucid Group (NASDAQ: LCID) and Chinese EV maker Nio (NYSE: NIO) last month. For the full month of January, GM shares moved down 10.1%, while Lucid and Nio stocks both dropped about 23%, according to data provided by S&P Global Market Intelligence.

To be clear, GM isn't yet an EV company. But it has announced it will invest $35 billion through 2025 to grow its EV and autonomous vehicle (AV) businesses.

GM's Factory Zero will make its electric Hummer and Silverado pickup. Image source: General Motors.

Source Fool.com