CCIV - Why Fisker Workhorse Group Hyliion and Lordstown Motors Dropped Today
The stocks of many speculative, start-up clean energy companies are moving down today. Electric-vehicle (EV) companies are no exception. Shares of several U.S.-based EV companies are trading down as of 3 p.m. EST:
The sharp moves come on a day when another U.S. competitor announced plans to enter the public markets through a special purpose acquisition company (SPAC) merger. Luxury EV sedan maker Lucid Motors is expected to begin trading publicly by the end of the second quarter 2021.
Having Lucid available on the public markets may steer some capital from other public EV makers, as its SPAC deal with Churchill Capital IV (NYSE: CCIV) puts the current market valuation of Lucid around $60 billion. But its luxury Air sedan won't directly compete with the likes of the above names.
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Why Fisker, Workhorse Group, Hyliion, and Lordstown Motors Dropped Today