Why Rivian and Other EV Stocks Dropped Last Month

Several electric vehicle (EV) start-up stocks dropped enough in March to approach or hit all-time lows. That included Rivian Automotive (NASDAQ: RIVN), luxury electric sedan maker Lucid Group (NASDAQ: LCID), and electric utility- and lifestyle-van maker Canoo (NASDAQ: GOEV). But the monthly share price change is also heavily weighted from the first day of the month.

For the full month, Rivian, Lucid, and Canoo stocks were down 19.8%, 11.9%, and 12.8%, respectively, according to data provided by S&P Global Market Intelligence. However, the first day of March was significant as investors reacted to Rivian's fourth-quarter earnings report released the prior evening. Taking out the moves on that first day shows that most of Rivian's monthly loss actually occurred on March 1.