FREY - Why EV Stocks Like Rivian and Nikola Got Thrown Into Reverse Today
2023-09-19 19:28:43 ET
The electric vehicle (EV) segment of the auto industry has had some fine days on the stock market in recent times, but Tuesday wasn't necessarily one of them. On some disquieting news from a major peer, investors traded out of a clutch of EV titles.
Among the segment stocks getting dinged was pickup and SUV maker Rivan Automotive (NASDAQ: RIVN) , which skidded to a more than 4% loss on the day, and truck specialist Nikola (NASDAQ: NKLA) with a nearly 3% slide. Storage solutions maker Freyr Battery (NYSE: FREY) did comparatively well with "only" a 0.7% decline. For comparison's sake, the S&P 500 index fell by 0.2%.
Early on Tuesday, influential Chinese EV company Nio announced that it is seeking to raise at least a cool $1 billion in financing. Specifically, it aims to float two series of convertible notes, one to come due in 2029 and the other the following year.
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Why EV Stocks Like Rivian and Nikola Got Thrown Into Reverse Today