Why Rivian, Lordstown, and Canoo All Dropped Today
Rivian Automotive (NASDAQ: RIVN), Lordstown Motors (NASDAQ: RIDE), and Canoo (NASDAQ: GOEV) were down 7.9%, 14%, and 10.1%, respectively, at 12:05 p.m. ET. While Lordstown released some company-specific bad news, the overall sector was heading lower after early-stage luxury EV maker Lucid Group reported its fourth-quarter and full-year 2022 results last night. Lordstown had even more troubling news than Lucid, though.