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Why Rivian, GM, and Ford Stocks Fell on Tesla's Price Drop News

TheMotleyFool

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Tesla (NASDAQ: TSLA) stock tumbled in early trading on the Nasdaq Friday, as investors considered whether new price cuts on some of Tesla's most popular cars might indicate waning demand -- and imperil profits at Tesla. But at the same time as investors are worrying about Tesla's future, they're practically panicking over Rivian Automotive (NASDAQ: RIVN) -- the stock of which is down 7.4% as of noon ET.

Investors at General Motors (NYSE: GM) and Ford (NYSE: F) are fretting as well, as shares of those two car giants slide 4.5% and 6%, respectively.

But why is that exactly? Shouldn't "bad" news for Tesla be good news for its competitors?

Source Fool.com

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