Hyperdrive
Tesla Stock-Price Rout Overshadows Rivian, Lucid Collapses
- Smaller EV makers have fared worse than market leader Tesla
- Tesla’s price cuts add to woes for startup EV manufacturers
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While Tesla Inc.’s epic stock-price collapse dominated headlines over the past year, for some smaller electric-vehicle companies the rout has been even worse, a sign that investors see few attractive alternatives in the sector.
Two of the most prominent new EV makers — Rivian Automotive Inc. and Lucid Group Inc. — have lost roughly 90% of their equity values from their bull-market peaks, compared with a 69% drop for Tesla. The companies have struggled to ramp up output of vehicles amid supply-chain woes just as investors grew leery of highly valued companies with no earnings.