Why Rivian and Other EV Stocks Dropped After Initially Jumping Today

U.S.-based EV stocks jumped in early trading today, including widely followed Rivian Automotive (NASDAQ: RIVN), struggling start-up Lordstown Motors (NASDAQ: RIDE), and heavy truck maker Nikola (NASDAQ: NKLA). Early gains ranged from over 1% up to 5% for Lordstown. There seemed like a good reason for that. But all three stocks reversed course and were trading down as follows as of 3:05 p.m. ET.

Some early news may have gotten investors in a bullish mood on the sector in general. Global auto giant Volkswagen announced it was selling a minority stake in its privately owned EV charging network Electrify America. And the investor is also a globally recognized company. Siemens, through its investment arm, is making a $450 million equity investment to help Electrify America grow its charging network in the U.S. and Canada. 

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Source Fool.com