RIDE - Electric vehicle buzz: Tesla drops to 2022 low Lordstown jumps after Foxconn investment sector-wide volatile trading continues

Lordstown Motors ( NASDAQ: RIDE ) was the biggest gainer in the electric vehicle sector on Tuesday after the electric vehicle maker's broadened partnership with Foxconn generated optimism. Shares were up 12.55% at 10:32 a.m. on Tuesday after being more than 20% higher earlier in the session

Other EV stocks that may be riding along with Lordstown include Mullen Automotive ( MULN ) +7.75% , Microvast Holdings ( MVST ) +4.48% , Tritium DCFC Limited ( DCFC ) +3.95% and Lightning eMotors ( ZEV ) +3.35% .

On the flip side, Arrival ( ARVL ) peeled off 29.32% after reporting a larger EBITDA loss than a year ago and updating on its cash position. Aurora Innovation ( AUR ) -9.25% , Ouster ( OUST ) -7.85% , and Sono Group ( SEV ) -6.57% were also notably lower.

Tesla ( TSLA ) has also now drifted to its lowest level of 2022 with a 4.05% drop on Tuesday as a combination of factors play into sentiment. Analysts have pointed separately to general macroeconomic factors, supply chain risk due to China zero-tolerance, and the valuation reset across growth stocks due to higher interest rates as factors. Also in play to a lesser degree, the implications of electric vehicle tax credits under a new Congress and what some are calling Elon Musk fatigue with investors. On the news front, the NHTSA also announced a recall of certain 2017-2021 Model S and Model X vehicles for a power steering assist issue. The recall totaled 40,168 vehicles. Of note, many of Tesla's vehicles are fixed with over-the-air updates. Tesla ( TSLA ) also announced that 54,504 units were exported for the month of October, up 34% Y/Y and up 887% M/M.

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