Why Lucid and Proterra Dropped but XL Fleet Stock Soared Today

It's reporting season for companies in the electric vehicle (EV) sector, and investors are reacting strongly to the results. That has included big drops for Lucid Group (NASDAQ: LCID) and Proterra (NASDAQ: PTRA) and a big gain for XL Fleet (NYSE: XL).

After Lucid gave investors its financial update, shares tanked yesterday. And the drop has continued into today. Like Lucid, Proterra didn't give investors the forward guidance they were looking for. Shares of Lucid and Proterra had dropped as much as 5.6% and 16%, respectively, earlier Wednesday. As of 3:08 p.m. ET today, both recovered some, with Lucid down 1.5% and Proterra down 4%. But vehicle electrification company XL Fleet was the winner of the group, with shares holding on to a 16.3% gain at that time.

Image source: Lucid Group.

Source Fool.com