Many of the younger companies populating the crowded EV space fell back toward earth on Monday.
Shares of Canoo ( NASDAQ: GOEV ) -7.59%, Lordstown Motors ( NASDAQ: RIDE ) -7.3% , Lucid Group ( LCID ) -4.65% , Workhorse Group ( WKHS ) -5.87% , Faraday Future ( FFIE ) -5.52% , and Rivian Automotive ( RIVN ) -3.41% were among notable midday decliners. The drop for the group dented a stark rebound for many of the names on Friday. For example, the notably-shorted Canoo ( GOEV ) rose a stunning 30.58% on Friday, while Lordstown ( RIDE ) rose over 8% , Lucid ( LCID ) jumped just over 6% , and Rivian ( RIVN ) rose 5.89% to close last week.
However, the entire sector was not dragged into the red on Monday. Chinese EV manufacturer Xpeng ( XPEV ) and Swedish high-end EV company Polestar ( NASDAQ: PSNY ) posted gains into the afternoon session. Polestar’s modest gain on Monday adds to an over 20% gain marked on Friday after a better than expected earnings result .
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Canoo, Lordstown, EV startup stocks cool down after red-hot Friday rally