EV Stocks: Why RIDE, GOEV and NKLA Stocks Are Driving Lower Today

Electric vehicle (EV) stocks are taking a beating on Thursday with major names in the business seeing their shares lose value.

A photo of an electric car with the charger plugged in.

Source: Nick Starichenko/InvestorPlace.com

So what’s behind that fall in EV stocks today? You can thank Ford (NYSE:F) for that. The automobile manufacturer announced its new Ford F-150 Lightning, which is an electric truck.

Ford is offering up some impressive specs for its new EV and that includes a range of 300 miles per charge for the more expensive model. It can also hook up to the owner’s home to power it for up to three days if the electricity goes out. We’ve got a breakdown of all the most important features of the Ford F-150 Lightning at this link.

With a major player in the automobile industry like Ford revealing a new all-electric truck, it comes as no surprise that other EV stocks would see a drop afterward.

Let’s take a look at how a select few EV stocks are taking the news today below.

  • Lordstown Motors (NASDAQ:RIDE) stock is taking the largest hit today with shares falling close to 12% after the Ford F-150 Lightning reveal.
  • Canoo (NASDAQ:GOEV) isn’t taking it near as bad as shares of the stock are only down about 1.4% as of this writing.
  • Nikola (NASDAQ:NKLA) is next with the EV company seeing its stock dip just over 2% thanks to Ford’s EV truck reveal today.

While EV stocks are falling today, Ford isn’t doing bad for itself. F stock was up 2.2% as of Thursday afternoon.

Investors that want to get up to speed on the latest stock market news for Thursday can keep reading.

There is loads of other news worth looking into today for the informed investor. That includes Oatly (NASDAQ:OTLY) going public today, Super League Gaming (NASDAQ:SLGG) stock on the rise, and solar stocks getting a boost. Catch up on these topics at the links below.

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/05/ev-stocks-why-ride-goev-and-nkla-stocks-are-driving-lower-today/.

©2021 InvestorPlace Media, LLC