QS - How Rivian Crushed All Electric Vehicle Stocks Today
The last 24 hours have brought two less-than-bullish earnings reports for the electric vehicle industry and it's pulling the entire segment lower in trading on Wednesday. Rivian (NASDAQ: RIVN) started the trend when it released earnings after the market closed on Tuesday, but Workhorse Group 's (NASDAQ: WKHS) report this morning didn't help.
Shares of Workhorse are down 12.6% at 2 p.m. ET, Lucid Group (NASDAQ: LCID) has fallen 6.7%, Canoo (NASDAQ: GOEV) is down 2.7%, and battery supplier QuantumScape (NYSE: QS) has dropped 6.8%. Let's dig into why the market is suddenly bearish on EVs.
Workhorse's net sales for the quarter were $3.4 million, operating loss was $39.7 million, and net loss was $38.7 million, or $0.24 per share. Analysts were expecting earnings of $0.18 per share.
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How Rivian Crushed All Electric Vehicle Stocks Today