Lucid stock falls after rival Tesla warns about supply chain

Lucid shares fell as much as 14% on Thursday amid a selloff in electric vehicle stocks. The premium electric vehicle maker is falling in sympathy with Tesla (TSLA) after the industry giant warned of supply chain challenges.

Despite Tesla’s better results for its fourth quarter, investors are focused on product delays and parts constraints.

“Our own factories have been running below capacity for several quarters as the supply chain has become the primary limiting factor, which is expected to continue through 2022,” the company said in a presentation to shareholders.

CEO Elon Musk said on an earnings call last night that Tesla would not introduce new vehicle models this year due to a “parts constraint”. Models include the highly anticipated Cybertruck and two others pushed back to 2023 amid supply chain bottlenecks.

The start of the year has been difficult for manufacturers of electric vehicles, in particular those with low revenues or which do not yet have profitability. However, until Thursday, Lucid was doing better than other startups.

Earlier this week, shares of Lucid were down just 6% year-to-date, while Rivian (RIVN) was down more than 30% year-to-date.

Other EV-related startups that have lost significant value include ChargePoint (CHPT). The charging station company is down more than 30% since the start of the year. Battery maker QuantumScape (QS) and EV startup Workhorse (WKHS) were also down more than 30% over the same period.

Legacy automakers planning big investments in electric vehicles are among the most successful companies so far this year. Volkswagen (VOW3.DE) is up more than 4%, Toyota (TM) is up 2.5%. Ford (F) is down about 5% since the start of the year.

Ines is a market reporter and covers stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre

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