Why Lucid, Rivian, and ChargePoint Shares Are Getting Crushed Today
Fear of a weaker economy is making its way to the electric vehicle (EV) industry today and that's causing a major sell-off in EV stocks. Lucid Group (NASDAQ: LCID), Rivian Automotive (NASDAQ: RIVN), and ChargePoint Holdings (NYSE: CHPT) are all dropping big and this comes just before their earnings season.
Shares of Lucid fell as much as 10.2% today. Rivian was down 6.2%, and ChargePoint was down up to 6%. The stocks are down 9.5%, 5.3%, and 5.4%, respectively, as of 1:15 p.m. ET.
Two earnings reports this morning are pointing to slower consumer spending. Walmart said it expects same-store sales to rise 2% to 2.5%, below expectations of 3% growth. Home Depot's revenue rose just 0.3% and the company expects 2023 revenue to be flat.
Source Fool.com
