Why Rivian Stock Raced Higher in 2023, but Shares of Nio and Nikola Drove Lower
While electric vehicle (EV) sales accelerated considerably higher in 2023 compared to 2022, investor sentiment regarding individual EV companies varied greatly. Slightly outpacing the S 500's 24% rise, Rivian (NASDAQ: RIVN) stock, for one, rebounded last year after plunging 82% in 2022. (NYSE: NIO) and Nikola (NASDAQ: NKLA), however, didn't enjoy the same success, extending the 69% and 78% slides they suffered in 2022, respectively.
According to data provided by S&P Global Market Intelligence, Rivian stock rose 27% in 2023, while Nio slipped 7%, and Nikola slid 60%.
Through the first half of 2023, Rivian extended the fall it had suffered in 2022, but the stock turned a corner over the summer. At the beginning of July, Rivian announced second-quarter 2023 production of 13,992 vehicles, representing a quarter-over-quarter increase of 50%.
Source Fool.com
NIO Inc. Stock
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