Rivian, XPeng and Nikola lead big down day for EV stocks as growth premiums are clipped
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The electric vehicle sector is seeing selling pressure again as investors continue to adjust to the prospect of higher interest rates by peeling away from high-growth, high-PE stocks across the technology sector, which is including many autonomous and EV-related names.

Decliners include Cenntro Electric Group (NAKD
-10.3%), Rivian Automotive (RIVN
-7.4%), XPeng (XPEV
-7.1%), TuSimple (TSP
-8.9%), Volta Industries (VLTA
-7.6%), Mullen Automotive (MULN
-4.6%), Arrival (ARVL
-7.6%), Nikola (NKLA
-6.5%), Lordstown Motors (RIDE
-6.7%) and Embark Technology (EMBK
-5.9%).
Ford (F
-2.6%) and General Motors (GM
-2.1%) are also losing some of their EV premium. On a relative basis, Lucid Group (LCID
-2.0%) and Proterra (PTRA
-2.0%) are holding up today in comparison to peers. Tesla (TSLA
-3.6%) is in the middle of the EV pack in morning trading but is back below $1,000 per share.
Read a breakdown on the broad market jitters.