Xpeng, Canoo see steep drop as several EV stocks near yearly lows

XPENG Motors electric car retail store in China

Robert Way

A number of EV startups and manufacturers moved toward 52-week lows on Wednesday as the market reversed course from Tuesday’s rally.

Notable decliners on the day included Faraday Future Intelligent Electric (NASDAQ:FFIE) -10.24%, Workhorse Group (WKHS) -8.56%, Polestar Automotive Holding (NASDAQ:PSNY) -8.26%, Canoo Inc. (NASDAQ:GOEV) -8.22%, Lordstown Motors (NASDAQ:RIDE) -8.62%, Xpeng (XPEV) -8.19%, Mullen Automotive (MULN) -7.23%, Arrival SA (ARVL) -7.02%, Arcimoto Inc. (FUV) -10.52%, NIO Inc. (NIO) -5.29%, Li Auto (LI) -3.25%, Lucid Group (LCID) -3.93%, and Fisker Inc. (FSR) -3.03%.

In the case of Arcimoto (FUV), XPeng (XPEV), Canoo (GOEV), and Arrival SA (ARVL) yearly lows were marked at each stock’s intraday nadir. A number of others, including Lordstown and Mullen Automotive came within just a few cents of 52-week lows. Sector leader Tesla also marked a notable decline on the day, dropping 5.11% into early afternoon trading.

Rivian Automotive (RIVN) was comparatively strong on the day, declining ‘just’ 1.78% into the afternoon trading session.

Read more on the dynamics of Rivian’s recent rally.

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