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Shares of Rivian and other EV start-ups tank amid stock sell-off

Rivian electric trucks are seen parked near the Nasdaq MarketSite building in Times Square on November 10, 2021 in New York City.

Michael M. Santiago | Getty Images

Shares of Rivian Automotive and other electric-vehicle start-ups recovered steep intraday losses Monday after hitting 52-week or record lows amid a broader market sell-off earlier in the day.

Rivian, Lordstown Motors, Faraday Future, NIO, Canoo, Nikola Corp. and Electric Last Mile Solutions all dropped by 10% to 18% by 1 p.m. before erasing or narrowing those losses in afternoon trading as the broader markets rebounded.

Shares of Nikola, Lordstown Motors, Canoo and ELMS each closed in the green, up between 1% and 5.5%. Rivian’s stock closed down by about 1%, while shares of Chinese automaker Nio fell by 9.1% and Faraday Future narrowed losses to close down by 4.7%.

The volatility in the pre- and early revenue EV companies followed swings in the broader market, as investors decided to take advantage of prices following a sharp sell-off in morning trading.

The Nasdaq Composite Index turned positive after falling as much as 4.9% earlier in the session. The Dow Jones Industrial Average gained 100 points after dropping by more than 1,000 points at one time. The S&P 500 traded into the green after briefly falling into correction territory earlier in the session, down more than 10% from its Jan. 3 record close.

Shares of more established automakers such as Tesla, General Motors and Ford Motor also narrowed losses to close down by less than 2%.

Shares of Rivian, which is among the most watched EV start-ups, dropped below $60 a share Monday for the first time since the company’s blockbuster IPO in November. The stock is down 38% since the company went public.

Here’s a look at several EV start-ups as well as Tesla and legacy automakers GM and Ford, both of which have announced significant investments in electric vehicles.

— CNBC’s Hannah Miao and Yun Li contributed to this report.

Read More: Shares of Rivian and other EV start-ups tank amid stock sell-off

2022-01-24 16:36:33

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