Hyperdrive
Rivian Breakout Is Expanding the Rift in EV Stocks
- Investors are being more discerning with EV bets this year
- Rivian and Lucid shares have pulled ahead of other EV makers
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Investors are showing a willingness to give beaten-down electric-vehicle stocks another chance, but they’re being more discerning this time when it comes to company performance.
In a sector whose boom days of investor exuberance turned startups into billion dollar enterprises in a matter of weeks, a divide is emerging. Rivian Automotive Inc. and Lucid Group Inc. are beating the gains in the S&P 500 Index this year, while once-prominent and much-hyped EV startups like Faraday Future Intelligent Electric Inc., Workhorse Group Inc., Nikola Corp. and Canoo Inc. have seen double-digit declines.