Why Canoo, Lucid, and Rivian Stocks All Just Dropped

Tuesday's looking like a lousy day to be invested in electric vehicle (EV) stocks, as shares of EV manufacturer Canoo (NASDAQ: GOEV) tumbled after the company reported another sizable loss, and better-established EV start-ups Rivian Automotive (NASDAQ: RIVN) and Lucid Group (NASDAQ: LCID) follow them down. As of 10:30 a.m. ET, Canoo stock is sinking 6%, tied with Lucid's 6% loss, and Rivian stock is doing only a little bit better — down 4.7%. Canoo crowed, at the top of its earnings release, that it has finally "entered the revenue and income generation phase" of its business as contracts with the U.S. Department of Defense and NASA begin filtering onto the top line.