Why Rivian, Lucid, and Canoo Plunged Today
Several U.S.-based electric vehicle (EV) stocks were sliding Tuesday morning as investors balance increasing competition against growth initiatives. Rivian Automotive (NASDAQ: RIVN), Lucid Group (NASDAQ: LCID), and specialty EV maker Canoo (NASDAQ: GOEV) all sank between about 7% and 8% in early trading.
As of 11:30 a.m. ET, the stocks were still trading lower as follows:
The moves came as a mixed bag of news affected the sector. Rivian confirmed it was expanding its product line to include electric bikes, reports Bloomberg. But investors are more focused on how fast the company is expanding its truck and SUV production volume and how the competitive landscape is evolving. Rivian and Lucid both disappointed investors with lowered production goals in 2022, and sector leader Tesla just raised prices for its Model Y over the weekend, again showing its dominant position.
Source Fool.com
