Goldman downgrades Fisker, Lordstown as electric vehicle competition heats up

The Lordstown Motors factory is where GM once operated, in Lordstown, Ohio, on October 16, 2020.
Megan Jelinger | AFP | Getty Images

Goldman Sachs downgraded a pair of early-stage electric vehicle companies on Thursday, citing concerns about what an increasingly competitive space will look like once those start-ups are ready to fully enter the market.

The firm moved its rating on Fisker to sell from neutral and dropped Lordstown Motors to neutral from buy and slashed its price target for both even as it said it remains "very constructive" on the electric vehicle space overall.