What are the electric car stock prices? Rivian and Lucid’s surface record is reduced

An industry-wide price war against electric vehicles is a major concern for investors, as it weighs on margins. For unprofitable startups, like Rivian and Lucid, it threatens to further delay the timeline for when they’ll start making money.

Rivian eased 6.8% to $9.57, falling below the psychologically important $10 level for the first time since it went public in November 2021. Lucid fell 5.7% to $2.50, also its lowest close ever.

Demand for EVs has slowed since the end of 2023. Automakers of all kinds — whether EV giant Tesla Inc. or legacy companies like Ford or General Motors Co. – have started reducing the prices of their cars in an effort to increase sales. Tesla’s recent first quarter presentation, which fell short of expectations, shows that the industry may not be out of the woods, and further price cuts may be on the way.

Ford’s latest plans are fueling those concerns.

“Reports of Ford cutting prices for the F-150 Lightning EV are sending shockwaves through the EV market, particularly affecting Rivian and Lucid,” Bloomberg Intelligence analyst Steve Man said. “Both startups face challenges that could be fueled by another round of EV price cuts, which could destroy their profits and cash reserves when they need to conserve cash.”