Why Rivian, Lucid, and Lordstown Stocks Fell Hard Today
Today got off to a very rocky start for electric vehicle stocks. Shares of Rivian Automotive (NASDAQ: RIVN), Lucid Group (NASDAQ: LCID), and Lordstown Motors (NASDAQ: RIDE) were all tumbling this morning after the latest Bureau of Labor Statistics data showed that inflation increased by 0.4% in September -- much more than analysts were estimating.
The bad inflation news means that the Federal Reserve is likely to stay the course with aggressive interest rate hikes, which has investors very worried about the economy.
As a result, Rivian's shares were down 3.8%, Lucid had slid 5.1%, and Lordstown had dropped 4% at 10:35 a.m. ET.
Source Fool.com
