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Why Rivian and Other EV Stocks Dropped After Initially Jumping Today

·2 min read
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U.S.-based EV stocks jumped in early trading today, including widely followed Rivian Automotive (NASDAQ: RIVN), struggling start-up Lordstown Motors (NASDAQ: RIDE), and heavy truck maker Nikola (NASDAQ: NKLA). Global auto giant Volkswagen announced it was selling a minority stake in its privately owned EV charging network Electrify America. Siemens, through its investment arm, is making a $450 million equity investment to help Electrify America grow its charging network in the U.S. and Canada.

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