Electric vehicle (EV) stocks had mixed performances despite a 1% rise in the Nasdaq and a broader U.S. stock market rally.
Tesla shares fell 3.01% on Monday, while Lucid dropped 2.12%. In contrast, Rivian surged 4.09%, and Nikola soared 13.16%.
As Tesla’s stock declined 3.01% to close at $350.73, Stifel, a prominent brokerage firm, lowered its price target from $492 to $474. The firm cited increasing competition and concerns that Tesla’s recent quarterly earnings might miss market expectations.
The firm attributed the downgrade to declining sales in Europe and China. In December, Tesla’s European sales were cut in half, with a similarly sharp decline in China.
Following Tesla’s drop, Lucid also ended the day lower, down 2.12% at $2.77.
Meanwhile, Rivian and Nikola defied the trend with notable gains.
Rivian climbed 4.09% to $12.99, likely boosted by the official launch of its electric van, which is expected to be more profitable than its passenger vehicles.
Rivian announced it has begun accepting orders for the vans.
Initially, the company had an exclusive agreement with Amazon to supply 100,000 vans.
However, Rivian revealed that this exclusivity has ended, allowing it to sell vans to other companies, including AT&T.
Nikola’s stock jumped 13.16% to close at 50 cents.
The company, on the brink of bankruptcy, has seen its stock price fluctuate wildly in recent sessions.
On Friday, Nikola’s shares plummeted 41% to 44 cents following reports of a possible bankruptcy filing.
Today’s 13% surge likely stems from bargain hunters entering the market.