Why Rivian Automotive and Other EV Stocks Were Clobbered Today
Shares of many companies in the electric-vehicle space had a tough Monday, including high-flyer Rivian Automotive (NASDAQ: RIVN). Those stocks were caught in the broad market sell-off triggered by the rapid spread of the omicron variant of COVID-19, as well as the delta variant spike already underway. Traders appear to have been worried that this new wave of COVID-19 cases could compel governments to initiate another round of protracted shutdowns.
Here's where these popular EV stocks closed on Monday relative to their closing prices on Friday.
Anyone who has paid attention to electric-vehicle stocks (or any auto industry stocks) since early 2020 can probably understand why traders were concerned. Pandemic-related factory shutdowns have been interfering with auto-sector supply chains for much of the last two years, costing automakers billions of dollars in lost production and sales.
Source Fool.com
