FUV - Electric vehicle stocks trade lower after green funding hits a Manchin roadblock

The electric vehicle sector is seeing considerable selling pressure as investors continue to shift out of riskier assets and the Biden Administration looks to face an uphill battle in funding some of its green initiatives. Over the weekend, U.S. senator Joe Manchin rejected President Joe Biden's $2 trillion economic plan that include climate change funding. The leading EV decliners are Lordstown Motors (RIDE -8.6%), Workhorse Group (WKHS -9.1%), Arrival (ARVL -8.1%), Hyzon Motors (HYZN -6.7%), Arcimoto (FUV -7.6%), Rivian Automotive (RIVN -6.6%), Faraday Future Intelligent Electric (FFIE -6.6%), Electric Last Mile Solutions (ELMS -5.9%) and QuantumScape (QS -6.0%). Tesla (TSLA -3.6%) is below $900 for the first time since October. Earlier: Tesla and Lucid Group are lower after Guggenheim puts the brakes on the runaway bull case. Sector look ahead: What to watch in the electric vehicle sector in 2022.

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Electric vehicle stocks trade lower after green funding hits a Manchin roadblock