Why Lucid and Nikola Dropped While Plug Power Rose Today

It's no surprise that many electric vehicle (EV) start-ups have plans to raise capital as they work toward manufacturing at a scale that brings in enough cash. Investors react negatively anyway when those plans are announced.

Today, that helped drive shares of Lucid Group (NASDAQ: LCID) and Nikola (NASDAQ: NKLA) lower. The stocks of Lucid and Nikola were down by 6.7% and 8.1%, respectively, as of 11:30 a.m. ET. Shares of hydrogen fuel cell company Plug Power (NASDAQ: PLUG) bucked that trend, however, with the stock up as much as 7.6% in early trading. Plug shares lost much of those gains but still traded slightly higher as of 11:30 a.m.

Image source: Lucid Group.

Source Fool.com