Shares of electric-vehicle maker Rivian sank 9.7% on Monday
After the news reported that the startup is recalling nearly all of its vehicles.
The move was one of several notable declines, as auto stocks fell further than the flagging stock market.
Tweet on the latest EV auto market
Shares of EV maker Rivian sank 9.7% after @Rivian Recalls Its Vehicles Due to Loose Fasteners@Ford & GM fell 7.5% and 6.8%, respectively,after @UBS analysts downgraded the companies.
UBS cited a recession as a key risk to earnings for both companies.
Tesla shares were down 0.7% pic.twitter.com/B5xp4sb9EF
— The_Journalbiz (@the_journalbiz) October 10, 2022
FactSet chart on the EV auto stocks
Ford and GM fell 7.5% and 6.8%, respectively, after UBS analysts downgraded the companies.
UBS cut its rating on Ford to “sell” from “neutral” while moving GM’s rating to “neutral” from “buy.”
The firm cited a recession as a key risk to earnings for both companies.
Meanwhile, Tesla shares were down 0.7%. The EV maker hit a fresh record for deliveries from its Shanghai factory in September, but still stood behind Chinese rival BYD.
Shares of automakers have struggled as of late. Dow Jones U.S. Automobiles Index is down 14% in October and 39% this year.