- Retailers have bought $ 378 million worth of shares in Rivian, Ford and Lucid in the past week.
- Tesla competitor Rivian went public last week and has since doubled in value to about $ 150 billion.
- Tesla CEO Elon Musk has sold shares for about $ 8 billion, causing the stock to fall.
Retailers are pouring into other electric car stocks besides Tesla amid Elon Musk’s multi-billion dollar stock sale.
The retailer has bought $ 378 million worth of shares in Rivian, Ford and Lucid in the past week – surpassing demand for Tesla – according to Bloomberg, which quoted Vanda Research data.
Fidelity data shows that Lucid and recently public Rivian were the two best-bought stocks among customers on Tuesday. Tesla was the third, even though its sales orders exceed purchases. Ford and blank-check company Gores Guggenheim, which is set to merge with EV manufacturer Polestar, were also among the top 30 stock orders.
EV shares have long caught the attention of retailers, and several of them have gone public with a blank check vehicle known as a SPAC – a move that further attracts the volume of retailers.
Recently, however, Tesla has been caught up in controversies over Musk’s $ 8 billion share sale and calls from the UN for billionaires to help end a global hunger crisis. The stock has fallen 15% since November 4th. Yet it has risen about 50% year-to-date.
Rivian, which was listed last week at $ 78 per share, has achieved a market value of nearly $ 150 billion and a place as No. 2 of the most valuable American automaker after Tesla. In response to its competitor’s high-flying IPO, Musk tweeted that the “true test” for Rivian would be whether it can “achieve high production and break-even cash flow.”
Lucid, for its part, has also caught the attention of retailers. It was announced in a blank check merger just four months ago and has since risen past the old carmaker Ford with a market value of around $ 87 billion. However, it is still far from Tesla’s approximate valuation of $ 1 trillion.
Ford, meanwhile, has increased its electric production with new factories and now expects up to half of its global car production to be electric cars by 2030.