CHPT - Why Rivian ChargePoint and Hyzon Gave Back Early Gains Today
Stocks in the electric vehicle (EV) sector have been under pressure recently as investors shunned risk and sought out safer assets. Today, EV stocks including Rivian Automotive (NASDAQ: RIVN) , ChargePoint Holdings (NYSE: CHPT) , and Hyzon Motors (NASDAQ: HYZN) started to buck that trend with early gains. But they reversed course midway through the trading day. After being higher by between 3.5% and 5%, Rivian, ChargePoint, and Hyzon lost much of those gains. As of 1:32 p.m. ET, Rivian and ChargePoint shares were up just 0.8% and 0.2%, respectively. Hyzon stock was down 5.2%.
Many investors have fled speculative EV stocks recently as raw material costs rise and the potential for profitability seems to be moving further into the future. But Rivian shares reversed that trend earlier this week after the company reported it produced 7,363 EVs in the third quarter. That's compared to 4,401 produced in the second quarter and just 2,553 in the first quarter of 2022. At that rate of growth, many analysts became more optimistic that Rivian would meet its full-year production target for 25,000 units.
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Why Rivian, ChargePoint, and Hyzon Gave Back Early Gains Today