Lucid, Nio and Rivian are swept into broad electric vehicle sell-off
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The selling pressure in the electric vehicle sector has picked up again even though there were some indications in the premarket session that Apple's strong earnings report and supply chain commentary could tip sentiment positive.
Lucid Group (NASDAQ:LCID) fell 9.97% in early trading to $25.84 and is now off more than 25% for the early part of 2022.
Rivian Automotive (NASDAQ:RIVN) broke to a new low of $50.00 with a 6.53% decline.
Chinese automakers Nio (NIO
-5.9%), Li Auto (LI
-1.3%) and XPeng (XPEV
-5.8%) have also underperformed in early trading to continue their down trend. Some of that weakness could be tied to anxiety over the upcoming monthly deliveries reports that Morgan Stanley warns could be soft.
Startups Volcon (VLCN
-22.8%), Embark Technology (EMBK
-6.0%),Cenntro Electric Group (CENN
-8.5%), TuSimple (TSP
-5.7%) and Aurora Innovation (AUR
-7.6%) are some of the other notable underperformers.
Tesla (NASDAQ:TSLA) is holding up slightly better with a drop of 2.67% recorded in early action, although that was enough to push shares below the 200-day moving average. Cowen analyst Jeffrey Osborne thinks the lack of a new vehicle introduction this year for Tesla (TSLA), such as the Cybertruck or a cheap $25K EV has taken some of the buzz away from the stock.
Looking at the charts, the gap between the average analyst price target on Tesla (TSLA) and the share price is at its widest of the last year.
Read why Seeking Alpha author JR Research thinks now is the time to buy Tesla shares.