Rivian rolls back price hike, EV makers fall

XPEL

03/03/2022 19:12

** Shares of electric vehicle makers fall in afternoon trade
after Rivian's  RIVN.O  move to roll back price hikes on EVs
booked before March 1
    ** Lucid  LCID.O  down 7% at $22.86, Tesla  TSLA.O  down 3%
at $853.79
    ** U.S.-listed shares of Chinese EV companies XPEL  XPEL.O 
down ~9% at $59.74 and Nio  NIO.N  down 7.6% at $20.12
    ** EV stocks also hit by broader market drop; Tech-heavy
Nasdaq trades 0.9% lower, weighed down by Ukraine crisis and
Federal Reserve's comments on fiscal tightening
    ** Rivian, trading 3.5% lower at $51.70, rolls back hike
days after facing backlash from customers following a 20%
increase in prices  urn:newsml:reuters.com:*:nL3N2V61DX
    ** RIVN had announced the hike on March 1, citing
inflationary pressures and higher component costs; stock set to
end lower for the third day
    ** EV companies and legacy automakers have had to raise U.S.
vehicle prices to offset high costs related to logistics, inputs
and supply chain disruptions

 (Reporting by Yuvraj Malik)
 ((yuvraj.malik@thomsonreuters.com))