Rivian, Lucid’s Gains Stalled, Intraday Share Prices Plummeted
Rivian, the world’s third-largest automaker, and Lucid, which has recently increased its orders, plunged more than 14% and 7%, respectively, during the intraday session on Wednesday (17th), stepping on the brakes for the recent rise in electric vehicles. Rivian, whose stock price is rising, is also the first decline since its IPO last week.
Before the deadline, Rivian (RIVN-US) fell 14.90% to a provisional report of US$146.38 per share, and Lucid (LCID-US) fell 7.73% to a provisional report of US$51.30 per share.
Analysts said that Rivian’s outstanding performance in the IPO boosted buying of other electric car stocks. In addition, Tesla’s CEO Musk’s sale of billions of dollars in stock caused the stock’s share price to fall and stimulated investment. People’s interest in other electric car stocks.
Musk sold about $973 million worth of stocks on Tuesday, which is the seventh consecutive day of selling shares. In total, his commitment to sell 10% of the company’s shares on Twitter has been fulfilled by nearly half.
Before the deadline, Tesla’s share price rose 3.63% to a provisional report of US$1,093.00 per share.
Lucid, Rivian, and Tesla are the three most discussed stocks on the social media platform Stocktwits. Investors on this platform are mainly retail investors, showing that retail investors have a strong interest in electric car stocks.
Regarding this electric vehicle investment boom, asset management company Homrich Berg investment chief tephanie Lang said that if a company has not yet profitable but has an amazing market value, one must be careful. The consequences of unfounded high market value may be very bad.
In addition, under this wave of electric vehicles, electric pickup truck manufacturer Canoo has also benefited. The company announced that it will start producing electric vehicles in the United States one year in advance to the fourth quarter of 2022. The stock price was strong on Tuesday. Soaring 6.32%, tentatively reported at 11.09 US dollars per share.
Rivian, Lucid's Gains Stalled, Intraday Share Prices Plummeted - /10
Rivian, the world’s third-largest automaker, and Lucid, which has recently increased its orders, plunged more than 14% and 7%, respectively, during the intraday session on Wednesday (17th), stepping on the brakes for the recent rise in electric vehicles.