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- Electric vehicle stocks slide as a general risk-off vibe in the market takes down tech stocks, high-PE names and cryptocurrencies.
- Some of the biggest decliners in early trading are Arrival (ARVL -18.8%), TuSimple (TSP -10.7%), Cenntro Electric Group (CENN -10.9%), GreenPower Motor Company (GP -8.0%), Proterra (PTRA -8.5%), Arcimoto (FUV -15.5%), Lordstown Motors (RIDE -10.3%), Workhorse Group (WKHS -9.2%), QuantumScape (QS -8.6%), Fisker (FSR -10.1%), Nio (NIO -10.8%) and Nikola (NKLA -7.0%).
- Notably, Rivian (RIVN -11.6%) shares fell to as low as $56.58 vs the IPO pricing level of $78 and high mark of $179.47.
- Tesla (NASDAQ:TSLA) is down 9.11% amid the broad selling pressure and is at its lowest level since the middle of October. Ford (F -5.1%) and General Motors (GM -5.0%) are also down much more than the S&P 500 Index as their EV premiums bleed off.
- One of the only EV-related stocks to show a gain on the day is AEye (NASDAQ:LIDR), which is up 1.05%.
- Market update: S&P 500 hits correction territory; Nasdaq dives again and Dow Jones falls as volatility jumps.