Canoo, Lordstown, EV startup stocks cool down after red-hot Friday rally

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Many of the younger companies populating the crowded EV space fell back toward earth on Monday.

Shares of Canoo (NASDAQ:GOEV) -7.59%, Lordstown Motors (NASDAQ:RIDE) -7.3%, Lucid Group (LCID) -4.65%, Workhorse Group (WKHS) -5.87%, Faraday Future (FFIE) -5.52%, and Rivian Automotive (RIVN) -3.41% were among notable midday decliners. The drop for the group dented a stark rebound for many of the names on Friday. For example, the notably-shorted Canoo (GOEV) rose a stunning 30.58% on Friday, while Lordstown (RIDE) rose over 8%, Lucid (LCID) jumped just over 6%, and Rivian (RIVN) rose 5.89% to close last week.

However, the entire sector was not dragged into the red on Monday. Chinese EV manufacturer XPeng (XPEV) and Swedish high-end EV company Polestar (NASDAQ:PSNY) posted gains into the afternoon session. Polestar’s modest gain on Monday adds to an over 20% gain marked on Friday after a better than expected earnings result.