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Benzinga
Benzinga
Business
Adam Eckert

Why Rivian And Lucid Shares Are Tapping The Brakes Today

Shares of several companies in the broader consumer discretionary sector including Rivian Automotive Inc (NASDAQ:RIVN) and Lucid Group Inc (NASDAQ:LCID) are trading lower Monday amid overall market weakness as a rise in bond-yields weighs on stocks.

Investors are also preparing to assess the financial impact stemming from the Russia-Ukraine conflict and a rise in U.S. inflation as a large number of companies are set to report earnings this week.

According to a CNBC report, Rivian continues to battle supply-chain headwinds. Although Rivian is "really confident" it can produce 25,000 vehicles in 2022, the company initially guided for 50,000 vehicles this year. Rivian is reportedly fighting supply-chain constraints for semiconductors and wire harnesses. 

"The vast majority of our vehicle is not having supply chain constraints. It’s just a small percentage," Rivian CEO RJ Scaringe told CNBC. "It doesn’t take more than one part to stop the production."

See Also: EV Week In Review: Tesla Investors Lose Sleep Over Musk's Divided Attention, Ford F-150 EV Truck Has Release Date, GM Stitches Battery Material Deal And More

RIVN, LCID Price Action: According to data from Benzinga Pro, Rivian was down 5.22% at $38.47 at press time and Lucid was down 2.75% at $20.43.

Photos: courtesy of Rivian and Lucid.

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