LA Electric Automakers Like Rivian, Fisker Get Pummeled Amid Stock Market Selloff

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Rivian
Image courtesy of Rivian

With the stock market in the midst of a major correction, some of the companies that have made Southern California a hotbed of electric vehicle manufacturing have taken a hit on Wall Street.


The likes of Rivian, Fisker, Faraday Future and Xos have all seen their shares decline sharply from their highs of last year. After its splashy IPO last fall saw Rivian briefly become the world’s third-most valuable automaker, the Irvine-based electric truck manufacturer’s stock dipped below $60 per share for the first time today. Rivian shares closed Monday’s trading just shy of $64, and have now fallen nearly 63% from their November closing high of over $172.

Other EV makers who call Los Angeles home are also having a tough time on the market. Manhattan Beach-based Fisker’s stock closed Monday’s trading at under $12 per share, down 50% from nearly $24 per share in November; Gardena-based Faraday Future ended the day at under $5 per share, down nearly 73% since it broke $16 per share in June; and Atwater Village-based Xos closed just above $2 per share, down more than 71% since its August IPO.

Similarly, Canoo—which announced in November that it would relocate its headquarters from L.A. to Arkansas—has seen its shares slip more than 56% from their November high, while Phoenix-based Nikola, which has been beleaguered by securities fraud charges, has lost nearly 52% of its value since the fall.

Tesla’s stock, meanwhile, has fared somewhat better—only losing about 24% since its all-time high of more than $1,200 per share in November. The Elon Musk-led automaker continues to lead the field among EV firms and is expected to post a fourth-quarter profit north of $2 billion later this week.

Of course, these declines coincide with a broader, market-wide selloff that has seen the S&P 500 lose more than 7% of its value since the start of this year. But tech companies have borne the brunt of the correction—the Nasdaq Composite is down more than 11% on the year—while emerging EV companies, in particular, have been hit by chip shortages and scrutinized for a dearth of profits.

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LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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This Week in ‘Raises’: GITAI Lands $30M, Steno Gains $15M

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Raises
Image by Joshua Letona

A local space robotics startup raised fresh funding to expand the flight model manufacturing facilities throughout the U.S. and increase employment, while a remote litigation platform raised more funding to continue growing its footprint in new markets across the country, develop service channels for its clients and continue expanding its tech team.

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Gitai Secures $30 Million in Funding to Continue Space Robotics Developments

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

Gitai Secures $30 Million in Funding to Continue Space Robotics Developments
\u200bPhoto: Gitai

Space robotics company Gitai raised a $30 million Series B extension this week, bringing the total value of the round to roughly $47 million.

The funding will be used to further develop Gitai’s suite of space robots as well as build out its manufacturing footprint in Torrance. Previously Gitai announced it raised a $17.1 million Series B in March 2021; this additional raise is still part of that round.

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