Why Tesla, Rivian, and Nio Are All Dropping Today
Electric vehicle (EV) stocks are taking a hit Tuesday, with widely followed names such as Tesla (NASDAQ: TSLA), electric truck start-up Rivian (NASDAQ: RIVN), and Chinese manufacturer Nio (NYSE: NIO) leading the way downward. Some of their pain comes from self-inflicted wounds, while some is tied to the generally pessimistic market sentiment as geopolitical tensions rise. As of 2:17 p.m. ET, shares of Tesla, Rivian, and Nio were down 5.7%, 9.2%, and 7%, respectively.
Tesla shares are down by about 29% from where they opened on the first trading day of 2022. Some of that decline can certainly be connected to an overall market shift away from fast-growing tech stocks. But some of it can also be traced to company-specific issues. For instance, CEO Elon Musk is continuing to spar with regulators, including the Securities and Exchange Commission (SEC).
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