Rivian electric trucks are parked near the Nasdaq MarketSite building in Times Square on November 10, 2021 in New York City.
Michael M Santiago | Getty Images
shares of Rivian Automotive and other electric vehicle startups rebounded from steep intraday losses on Monday after hitting 52-week or record lows amid a broader market sell-off earlier in the day.
Rivian, Lordstown engines, Faraday future, NEVER, canoe, Nikola Corp. and Electrical solutions for the last mile all down 10% to 18% by 1pm before those losses were erased or narrowed in afternoon trade as broader markets rallied.
Shares in Nikola, Lordstown Motors, Canoo and ELMS all ended in the green, up between 1% and 5.5%. Shares in Rivian closed down about 1%, while shares in Chinese automaker Nio fell 9.1% and Faraday Future pared losses to close 4.7%.
Volatility among pre- and early-sales EV companies followed fluctuations in the broader market as investors decided to take advantage of prices after a sharp sell-off in morning trade.
The Nasdaq Composite Index turned positive after falling as much as 4.9% at the start of the session. The Dow Jones Industrial Average rose 100 points after falling more than 1,000 points in one fell swoop. The S&P 500 traded in the green after briefly falling into correction territory early in the session, more than 10% below its record close on Jan. 3.
Shares in Rivian, one of the most-watched EV startups, fell below $60 a share on Monday for the first time since the company’s blockbuster IPO in November. The stock is down 38% since the company went public.
Here’s a look at several EV startups, as well as Tesla and legacy automakers GM and Ford, both of which have announced significant investments in electric vehicles.
— CNBC’s Hannah Miao and Yun Li contributed to this report.