Why Rivian, Lucid, and ChargePoint Lost Early Gains Today
The stocks of electric vehicle (EV) sector companies jumped Thursday morning with news that indicated the market looks to continue to grow at a fast pace. But after each popping at least 5%, shares of Rivian Automotive (NASDAQ: RIVN), Lucid Group (NASDAQ: LCID), and charging network leader ChargePoint Holdings (NYSE: CHPT) reversed those early gains.
As of 11:11 a.m. ET, Rivian stock was down by 2.9%, Lucid was lower by 2.1%, and ChargePoint was off by 3.7%.
The original excitement came after sector leader Tesla provided an encouraging fourth-quarter earnings report. That's because all of these companies need the EV market to continue to grow at a fast rate. But once one digs into the details of Tesla's earnings report, it's clear that there may be more bad news than good for Rivian, Lucid, and other emerging EV makers.
Source Fool.com
