Shares of electric vehicle makers swayed to the tune of the broader market sentiment, although some reacted to company-specific catalysts. EV leader Tesla, Inc.
On Tuesday, shares of Rivian Automobile Inc (NASDAQ: RIVN) fell as EV maker revealed late Monday it is looking to raise $1.3 billion in cash via a sale of convertible notes amid growing demand concerns.
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Electric vehicle stocks came under selling pressure in the week ended Feb. 24, weighed down by the general rise in risk aversion and a negative earnings report from luxury EV manufacturer Lucid Group, Inc. (NASDAQ: LCID).
Here are the key events that happened in the EV space during the week:
Lucid Group Inc (NASDAQ: LCID) shares are trading lower Thursday after the company reported mixed fourth-quarter results and provided a weak reservation update.