Tesla, the biggest EV-maker, has seen a slight dip in its stock. The EV-makers- Lucid and Rivian had been ruling the stock market for a while. Since, their debut in the market, they had been performing seemingly well. However, today it seems that these companies could not keep the pace and dipped together. Additionally, Canoo Inc., whose stocks were skyrocketing a day before have also dipped. This indicates a bearish market for all the investors who are interested in EV companies.
Tesla Inc. (NASDAQ: TSLA) had earlier reached its peak at $1114 during the market hours today. However, currently it has seen a dip and is currently trading at $1,082.43 This shows a slight dip of 0.60%.
Lucid Group Inc. (,NASDAQ: LCID), the much talked EV-maker has seen its stock dipping consecutively for two days. On November 17, 2021, its shares opened at $56.2 and closed at $52.55. Thus, showing a decline of 6.5%. A day before that, the stocks closed at $55.52, showed a growth of 10%. Further, its valuation was more than $89.9 billion, surpassing that of Forbes.
However, it didn’t maintain the momentum. Its shares dipped by 12.27% that’s even worse than yesterday. The stocks opened at $48.82. Since then, it touched the high $49.67, much lower than the previous close of $52.55. Recently, its stock had skyrocketed, its Lucid Air won the 2022 MotorTrend’s Car of the Year award. In addition, analysts also expected it to have the potential of becoming the next ‘Tesla’. Therefore, such a dip in its stock for two consecutive days was not expected.
The Amazon-backed Rivian Automotive Inc. (NASDAQ: RIVN), also saw its shares dipping for consecutively two days. The stock opened at $146 and now its trading at $124.62. This shows a huge decline 14.5%, much higher than that of Lucid. Earlier this week, Rivian’s valuation had exceeded that of Volkswagen when the former surpassed the $143 billion mark on Tuesday. Yesterday, its stocks opened at $160.88 and closed at $146.07, thus, marking a decline of 9.2%. This decline was also more than Lucid’s decline yesterday.
Sono Group N.V. (NASDAQ: SEV) which made its debut in the stock market yesterday, is the latest EV-maker listed. Its stocks skyrocketed by a whopping 154% yesterday. However, it is now trading at $32.18 and opened at $38.20. Therefore, it saw a huge decline of 16.02%.
At present, the newbies have been faring badly at the market. However, Canoo Inc. (NASDAQ: GOEV), has also had its stocks slipped. On November 16, 2021, GOEV’s stocks closed at $10.45, higher than its previous day close of $8.45. This saw an increase of 23.66%. In addition, yesterday its stock closed at $10.8, marking a slight increase of 3.34%. However, it didn’t maintain the pace and dipped by a huge 15.37% today. This dip is more than that of Lucid and Rivian. Its stocks are trading at $9.14 currently.
All the EV-maker stocks are currently dipping. However, they might shoot up anytime soon. The bearish market might take a bullish turn in the near future.