Why EV Stocks Lucid Group And Rivian Are Falling

Lucid Group Inc LCID and Rivian Automotive Inc RIVN shares are trading lower by 3.23% to $7.64 and 5.09% to $14.60, respectively, during Wednesday's session.

Shares of several auto & auto component companies are trading lower amid overall market weakness on concerns of a U.S. economic slowdown following ADP data, which showed fewer-than-expected U.S. jobs added in March.

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What Going On With Economic Data?

The market got another hint of labor market weakness in the United States on Wednesday, as Automatic Data Processing, Inc. (ADP) reported 145,000 jobs added by private companies in March 2023, down from 261,000 in February and significantly below forecasts of 200,000.

"Our March payroll data is one of several signals that the economy is slowing," said Nela Richardson, chief economist, ADP.

"Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down."...Read More

According to data from Benzinga Pro:

• LCID has a 52-week high of $23.60 and a 52-week low of $6.09
• RIVN has a 52-week high of $43.35 and a 52-week low of $12.58