EMBK - EV stocks: Rivian tumbles after update flight to safety skips over Tesla

The electric vehicle sector is starting off in reverse after Rivian Automotive (RIVN -14.4%) disappointed some investors with perhaps a slower-than-anticipated production update yesterday alongside its first earnings report. EV stocks are also being sized up a little more cautiously in general with increased attention on rising interest rates in the U.S. and Europe. There has been some continued rotation from high-growth tech and EV names to consumer staples and stocks of companies with stronger balance sheets. Decliners include Lucid Group (LCID -8.0%), Volcon (VLCN -6.0%), Hyzon Motors (HYZN -5.9%), Lordstown Motors (RIDE -5.0%), Embark Technology (EMBK -4.5%), Li Auto (LI -4.3%), Nio (NIO -3.7%) and QuantumScape (QS -4.0%). There is a small early gain for Tesla (NASDAQ:TSLA) today of 0.75%, which is notable as it is not the first time that the EV mother ship has held up when selling pressure has hit the startup names. Dig into the Rivian

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EV stocks: Rivian tumbles after update, flight to safety skips over Tesla