Rivian, Lucid at New Lows as Ford Price Cut Fans EV Concerns
- EV makers plunge, Rivian shares slip below $10 for first time
- Ford price cut ‘sending shockwaves’ through the EV market: BI
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Shares of electric vehicle startups Rivian Automotive Inc. and Lucid Group Inc. closed at all-time lows Thursday after Ford Motor Co. slashed prices on its electric pickup truck.
The industrywide price war on electric autos is a major concern for investors, since it weighs on margins. For unprofitable startups, like Rivian and Lucid, it threatens to further delay the timeline for when they will start to make money.