Tesla, Rivian and Nio headline big drops across electric vehicle sector
Kirill Smyslov/iStock via Getty Images


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.