Auto stocks are falling on anxiety over impact of Russia's attack on Ukraine

Mar. 01, 2022 1:01 PM ETLordstown Motors Corp. (RIDE), FUV, WKHS, GOEVF, GM, TSLA, RACE, NKLA, RIVN, LCID, ARVL, FFIE, STLA, SEVBy: Clark Schultz, SA News Editor54 Comments

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Auto stocks fell sharply on Tuesday on concerns over the impact of escalating Russia-Ukraine conflict on commodity prices, European demand and the risk tolerance of investors.

Auto majors Stellantis (STLA -7.8%), Ford Motor Company (F -4.9%), General Motors Company (GM -4.4%) and Ferrari (RACE -3.1%) all were bid down notably.

The electric vehicle sector is also reeling as investors take a more risk-off stance and factor in the disappointing production forecast from Lucid Group (LCID -14.8%). Notable decliners included Arrival (ARVL -6.9%), Rivian Automotive (RIVN -8.6%), Nikola (NKLA -5.8%), Faraday Future Intelligent Electric (FFIE -6.3%), Sono Group (SEV -4.6%) and Canoo (GOEV -4.9%).

Just a few EV-related stocks bucked the trend. Workhorse Group (WKHS +8.5%) jumped after earnings, while Arcimoto (FUV +23.3%) and Lordstown Motors (RIDE +1.4%) also poked out gains. Tesla (NASDAQ:TSLA) showed a small bump of 0.35%.

Broad market update: Nasdaq, S&P 500 and Dow Jones turn lower as Russia pushes further into Ukraine.

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