Autos

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

Key Points
  • Shares of Rivian and other electric vehicle start-ups largely recovered during intraday trading Monday afternoon after hitting 52-week or record lows amid a broader market sell-off earlier in the day.
  • Rivian dropped below $60 a share Monday for the first time since the company's blockbuster IPO in November.
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.

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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.

EV stocks


Source: CNBC

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