Rivian’s electric vans are seen parked near the Nasdaq MarketSite building in Times Square on November 10, 2021 in New York City.
Michael M. Santiago | beautiful pictures
Shares of Rivian Automotive and other electric vehicle startups fell during Monday-52nd intraday trading or record lows as more investors sought safer investments amid a selling market. remove more widely.
Rivian, Lordstown Motors, Faraday Future, NIO, Canoo, Nikola Corp. and The ultimate electric solution are all reduced by at least 10% and up to 18%. Shares of all early or pre-earnings companies hit a record or 52-week low on Monday morning. Shares of Fisker Inc., another popular EV startup, fell about 14% in deals near a 52-week low.
Wedbush Securities analyst Dan, “In this brutal market, Street has thrown many of these electric vehicle startups into the semi-finals because of a lack of profitability, chip shortage issues, and a host of manufacturing problems that have plagued us. cast a shadow over the industry,” Ives told CNBC in an email. “In this risky market, EV startups find themselves on the wrong side of this market storm, and current enforcement is key to rebuilding their reputation on the Street one by one. “
The losses for electric vehicle start-ups are much greater relative to the overall market. The Dow Jones Industrial Average lost about 1,000 points, or 2.9%, down for a seventh straight day on Monday. The S&P 500 fell 3.6%. Nasdaq Composite dropped 4.5%, retreating deeper into the correction zone.
Stocks of older automakers like Tesla, Synthetic engine and Ford Motor fell from about 7% to 9% in midday trading on Monday.
Shares of Rivian, one of the most followed EV startups, fell below $60 a share Monday for the first time since the company’s blockbuster IPO in November. Shares have fallen more than 40% since the company went public.
The market sell-off occurs as investors await the company’s earnings results and an important policy decision from The Federal Reserve tightened monetary policy.
Here are a few EV startups as well as Tesla and its successor automakers GM and Ford, both of which have announced significant investments in electric vehicles.
