Why Rivian, Lordstown, and Canoo All Dropped Today
Electric vehicle (EV) stocks are dropping today after multiple disappointing news items. Rivian Automotive (NASDAQ: RIVN), Lordstown Motors (NASDAQ: RIDE), and Canoo (NASDAQ: GOEV) were down 7.9%, 14%, and 10.1%, respectively, at 12:05 p.m. ET. And there was a good reason Lordstown was leading the way lower.
While Lordstown released some company-specific bad news, the overall sector was heading lower after early-stage luxury EV maker Lucid Group reported its fourth-quarter and full-year 2022 results last night. That has investors worried about what Rivian will say when it provides its quarterly update early next week.
Lordstown had even more troubling news than Lucid, though. After only recently starting production of its electric Endurance pickup truck, Lordstown today announced a recall along with the suspension of production and deliveries due to quality problems.
Source Fool.com
