RIDE - Why Shares of Nio Lucid Group and Lordstown Motors Fell Hard Today
Shares of electric vehicle (EV) stocks Nio (NYSE: NIO) , Lucid Group (NASDAQ: LCID) , and Lordstown Motors (NASDAQ: RIDE) fell on Wednesday, down 5.1%, 3.6%, and 4.9%, respectively, as of 2:17 p.m. EDT.
There wasn't much company-specific news today. In fact, with the OPEC+ nations agreeing on cuts of 2 million barrels per day today, that just made EVs more desirable, all else being equal.
But young up-and-coming EV makers are in a capital-intensive business, which might require raising more money before meaningful revenue comes in. And the cost of that capital went up today, after two days of declines.
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Why Shares of Nio, Lucid Group, and Lordstown Motors Fell Hard Today