Lucid Group, Lordstown Motors among losers as EV stocks lag on Thursday
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The EV sector drove downward on Thursday as fears of a recession add to the impact of higher interest rates weighing on many upstarts in the space.
The cash-burning habits of many of the companies populating the space made the hawkish tenor of the Federal Reserve on Wednesday an unwelcome sign. Additionally, the expectation of weaker consumer appetites for spending and elevated supply costs signaled by even the largest automakers worsened already frayed sentiment on some of the sectorâs most popular stocks. Meanwhile, WTO challenges over EV subsidies on Thursday added to scrutiny on the industry.
Lucid Group (NASDAQ:LCID) -8.87% led declines on the day, while Canoo (NASDAQ:GOEV) -7.92%, Mullen Automotive (MULN) -6.82%, Polestar (PSNY) -5.69%, Rivian Automotive (NASDAQ:RIVN) -5.57%, Faraday Future Intelligent Electric (FFIE) -4.82%, Lordstown Motors (NASDAQ:RIDE) -4.52%, and Fisker (FSR) -3.7% also fell sharply. Even the comparably well-capitalized Tesla (TSLA) was not immune to action in the group, declining 4.34% into the waning hours of the trading day.
Read more on the recent action for Chinese EV names.