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.
Yahoo Finance autos reporter Pras Subramanian joins the Live show to examine Tesla's schedule to start manufacturing on the Cybertruck, as well as EV maker Canoo's plans to fundraise $52.5 million in discounted shares sale.
Investors crushed the shares of electric vehicle (EV) start-up Canoo (NASDAQ: GOEV) Monday after details emerged of its latest round of raising capital. As of 10:43 a.m. ET, Canoo shares were still down by 11.7%. Today's drop comes after the company said it would raise more than $50 million by selling new shares to institutional investors at a discounted price.