Several EV stocks near yearly lows amid Wednesday’s pullback

Posted on October 5, 2022Comments Off on Several EV stocks near yearly lows amid Wednesday’s pullback

XPENG Motors electric car retail store in China

Robert Way

A number of EV startups and manufacturers moved toward 52-week lows on Wednesday as the market reversed course from Tuesday’s rally.

Notable decliners on the day included Faraday Future Intelligent Electric (NASDAQ:FFIE) -10.24%, Workhorse Group (WKHS) -8.56%, Polestar Automotive Holding (NASDAQ:PSNY) -8.26%, Canoo Inc. (NASDAQ:GOEV) -8.22%, Lordstown Motors (NASDAQ:RIDE) -8.62%, Mullen Automotive (MULN) -7.23%, Arrival SA (ARVL) -7.02%, Arcimoto Inc. (FUV) -10.52%, NIO Inc. (NIO) -5.29%, Li Auto (LI) -3.25%, Lucid Group (LCID) -3.93%, and Fisker Inc. (FSR) -3.03%.

In the case of Arcimoto (FUV), Xpeng (XPEV), Canoo (GOEV), and Arrival SA (ARVL) yearly lows were marked at each stock’s intraday nadir. A number of others, including Lordstown and Mullen Automotive came within just a few cents of 52-week lows. Sector leader Tesla also marked a notable decline on the day, dropping 5.11% into early afternoon trading.

Rivian Automotive (RIVN) was comparatively strong on the day, declining ‘just’ 1.78% into the afternoon trading session.

Read more on the dynamics of Rivian’s recent rally.

Source link

Comments Off on Several EV stocks near yearly lows amid Wednesday’s pullback