GOEV - Rivian Tesla and Nio lead electric vehicle stocks lower

The electric vehicle sector is setting up for another rough session on Monday with investors anxious over the macroeconomic setup. Rivian Automotive (NASDAQ:RIVN) led the downward charge with a 9.69% decline in premarket action following a report that Ford and another investor could be interested in selling blocks of shares that are rolling off an IPO lockup expiration period. That potential selling factor was tipped off in Seeking Alpha's Catalyst Watch on Friday. Tesla (TSLA) dropped 4.63% even after some good news with Indonesian President Joko Widodo announcing that he is planning to meet Elon Musk during an upcoming U.S. visit to discuss the potential to accelerate development of the nickel industry in the nation. Other decliners in the early session included Fisker (FSR) -2.69%, Workhorse Group (WKHS) -1.48%, Lucid Group (LCID) -4.05%, Nikola (NKLA) -3.44%, Lordstown Motors (RIDE) -2.64%, Canoo (GOEV) -3.85%, Nio (NIO) -4.88%, XPeng (XPEV) -5.75%, Li Auto (LI)

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Rivian, Tesla and Nio lead electric vehicle stocks lower