The electric vehicle sector is seeing selling pressure again as investors continue to adjust the higher interest rates by peeling away from high-growth stocks across the Tech Sector, which is including many EV-related names. Investors continue to react to warnings about rising interest rates. Lucid Motors is currently the only EV stock up on the day while Rivian and Xpeng are the ones with the sharper declines.
Lucid Motors (Up 0.57% at $42.22) is currently the only one up today and Elon Musk’s Tesla (Down 0,97% at $1,017) and are among the better positioned considering intraday while Rivian and the Chinese Xpeng are having sharp declines around -7.00%. The american Fisker and the Chinese NIO and LI are Down between 2.00% – 5.00% intraday. EV stocks aren’t the only ones being affected, but the sector is feeling the impact of investor fears today.
Almost every EV Company is down since January 1st 2022. The sector leader TESLA Down around 5% Year-to-Date. The other EVs like NIO (-11.60% YTD), XPENG (-19.15%), LI Auto (-15.36%) and RIVN (23.69%) are also Down year-to-date. On the other side, LUCID is Dp 9.12%.
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