RIVN Stock News: Rivian shares tumble as Tesla and Lucid drag down EV sector

NASDAQ:RIVN fell by 5.50% during Thursday’s trading session.
Tesla and lucid tumble as bad news hits both EV makers.
Rivian investors are looking ahead to the December 16th earnings call.

Stocks Reporter FXStreet

NASDAQ:RIVN fell victim to a volatile market on Thursday where growth stocks pulled back and the NASDAQ index tumbled after three straight winning days. Shares of RIVN fell by 5.50% and closed the trading day at $115.40. The stock’s continued volatility is nothing new for stocks that have recently gone public, especially in the highly speculative electric vehicle sector. The NASDAQ followed up one of its best sessions since March with one of its worst as the tech-heavy index fell by 1.71% as investors honed in on the upcoming inflation report. The S&P 500 also fell as mega-cap tech stocks weighed down both indices on Thursday.

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The EV sector was rocked on Thursday as two of the industry leaders, Tesla (NASDAQ:TSLA) and Lucid Group (NASDAQ:LCID), saw some negative headlines. First, Tesla is back under investigation by the NHTSA for some more collisions while drivers were using the FSD technology. Specifically, distractions such as the ability to play videogames on board the vehicle. Lucid’s news wasn’t nearly as bad, although it may have been to shareholders. The company proposed a $1.75 billion debt offering after the closing bell on Wednesday, and shares continued to tumble, falling by 18.34% during Thursday’s trading hours.

Rivian stock forecast

Rivian has only been a public company for a few weeks now, but shareholders are already looking ahead to the upcoming earnings call on December 16th. The company will likely provide an update on vehicle production and release, as well as its standing orders for delivery trucks with one of its largest stakeholders, Amazon (NASDAQ:AMZN). Shareholders will be looking for any news of growth heading into 2022, especially since the company’s $100 billion market cap has been called into question by Rivian bears.

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Stocks Reporter

FXStreet

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