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