Shares of Rivian and other EV start-ups tank amid stock sell-off
- 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.
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.
EV stocks
| TICKER | COMPANY | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|
| RIVN | Rivian Automotive Inc | 10.20 | -0.99 | -8.85% |
| LCID | Lucid Group Inc | 2.90 | -0.22 | -7.05% |
| NRDE | Nu Ride Inc | 1.67 | UNCH | UNCH |
| NKLA | Nikola Corp | 0.559 | -0.0013 | -0.232% |
| FFIE | Faraday Future Intelligent Electric Inc | 0.705 | +0.4198 | +147.1949% |
| NIO | NIO Inc | 5.33 | -0.46 | -7.94% |
| FSRN | Fisker Inc | 0.051 | UNCH | UNCH |
| ELMSQ | Electric Last Mile Solutions Inc | 0.065 | UNCH | UNCH |
| GOEV | Canoo Inc | 2.65 | -0.14 | -5.02% |
| TSLA | Tesla Inc | 173.99 | -3.56 | -2.01% |
| GM | General Motors Co | 45.49 | +0.46 | +1.02% |
| F | Ford Motor Co | 12.31 | -0.13 | -1.05% |
— CNBC's Hannah Miao and Yun Li contributed to this report.