LCID - Auto stocks are in reverse as selling pressure sweeps over EV names Detroit giants and suppliers

Electric vehicle stocks break lower as investors take some risk off the table with the new headlines over a new COVID-19 variant in South Africa impacting market sentiment broadly. Notable decliners include Rivian Automotive (RIVN -5.9%), XPeng (XPEV -4.4%), Canoo (GOEV -5.0%), Faraday Intelligent Future Electric (FFIE -5.4%), Sono Group (SEV -7.9%), Hyzon Motors (HYZN -3.2%), Lucid Motors (LCID -3.8%) and Nio (NIO -4.7%). It is not just EV names moving lower in early trading. Detroit powerhouses Ford Motor (F -3.4%) and General Motors (GM -3.9%) are also lower, as well as suppliers like Adient (ADNT -9.3%), American Axle & Manufacturing (AXL -8.6%) and Tenneco (TEN -8.2%). Investors are also taking profits on Tata Motors (TTM -8.0%), which has been one of the best sector performers of the year. Earlier in the day, Bank of America warned that the favorable pricing backdrop in the auto sector may not last next year.

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Auto stocks are in reverse as selling pressure sweeps over EV names, Detroit giants and suppliers