PRISM Electric Vehicle Stocks Fall Nearly 6% As EV Market Suffers

The PRISM Electric Vehicle Index fell 5.7% for the day, the biggest slip of all the PRISM Indexes. The EV market has been suffering lately, with big names reaching all-time lows.

Rivian Automotive (RIVN) fell 7.3%, Lucid Group (LCID) fell 7% and ChargePoint Holdings (CHPT) fell 3.5%, to new lows. Not to mention, TSLA has been in freefall, currently at two-year lows.

One of the main factors for the EV Market decline, is that analysts and investors have been lowering previously-made optimistic projections in regards to fully electric vehicles.

According to Howard Smith, of Motley Fool, who has positions in ChargePoint, Lucid Group and Tesla, – “It’s impossible to say when the current slide in these stocks might reverse, if at all. But even if EV adoption grows at a slower pace, these companies will succeed if they have enough capital. While not all start-ups are in that position, these names are for now. A good approach for those wanting some exposure to the sector might be to start buying in small amounts now that these stocks are at or near record lows. “