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Why Rivian, Lucid, and Canoo Plunged Today

Why Rivian, Lucid, and Canoo Plunged Today

Several U.S.-based electric vehicle (EV) stocks were sliding Tuesday morning as investors balance increasing competition against growth initiatives. Rivian Automotive (NASDAQ: RIVN), Lucid Group (NASDAQ: LCID), and specialty EV maker Canoo (NASDAQ: GOEV) all sank between about 7% and 8% in early trading. Rivian confirmed it was expanding its product line to include electric bikes, reports Bloomberg.