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- The electric vehicle sector is seeing selling pressure again as investors continue to adjust to the prospect of higher interest rates by peeling away from high-growth, high-PE stocks across the technology sector, which is including many autonomous and EV-related names.
- Decliners include Cenntro Electric Group (NAKD -10.3%), Rivian Automotive (RIVN -7.4%), XPeng (XPEV -7.1%), TuSimple (TSP -8.9%), Volta Industries (VLTA -7.6%), Mullen Automotive (MULN -4.6%), Arrival (ARVL -7.6%), Nikola (NKLA -6.5%), Lordstown Motors (RIDE -6.7%) and Embark Technology (EMBK -5.9%).
- Ford (F -2.6%) and General Motors (GM -2.1%) are also losing some of their EV premium. On a relative basis, Lucid Group (LCID -2.0%) and Proterra (PTRA -2.0%) are holding up today in comparison to peers. Tesla (TSLA -3.6%) is in the middle of the EV pack in morning trading but is back below $1,000 per share.
- Read a breakdown on the broad market jitters.