Why Tesla's Rivals Are All Falling Monday
After plunging to new bear-market lows, the stock market didn't look likely to bounce back on Monday morning from a horrible performance last Friday. Declines for the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) seemed likely to be small, but investors still didn't get the signs of a bottom that they've wanted to see for months now.
Auto stocks were some of the highest-profile decliners in premarket trading on Monday, with Rivian Automotive (NASDAQ: RIVN), Ford Motor Company (NYSE: F), and General Motors (NYSE: GM) all seeing sizable losses. With electric vehicle (EV) stock Tesla (NASDAQ: TSLA) managing to hold its own, it's clear that competition in the quickly evolving industry is getting fierce, and companies will have to work hard in order to keep up with the pace of innovation and shifting consumer demand.
Shares of Rivian Automotive were down more than 8% before the opening bell on Monday. The EV challenger has tried to keep up its pace of production, but it saw a setback late Friday that could jeopardize its near-term financial performance.
Source Fool.com
