Why Lucid and Other EV Stocks Crashed Today

Shares of several EV makers took it on the chin Tuesday morning. The stocks of Lucid Group (NASDAQ: LCID) and Nikola (NASDAQ: NKLA) are trading lower by 6.8% and 4.9%, respectively, as of 12:28 p.m. ET. Shares of lesser-known commercial electric utility vehicle maker Cenntro Electric (NASDAQ: CENN) are getting hit even harder, down 13%, after it reported its full-year 2021 financial update last night. 

With the Nasdaq Composite index plunging nearly 3% today, it shouldn't be overly surprising that these not-yet-profitable EV company shares are getting hit even harder. Neither Lucid nor Nikola announced any market-moving news today. Both companies continue to make progress in the growth of their electric vehicle businesses. 

Image source: Lucid Group.

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Source Fool.com