There was a time when the backing of some of the world’s deepest pockets and the mere ambition to sell electric cars was enough to inspire confidence in the stocks of upstarts Rivian Automotive Inc. and Lucid Group Inc. Now investors have all but thrown in the towel on the shares.
All it took was a fresh dose of reality from the two companies this week around cooling demand for EVs. Rivian, which makes electric utes, SUVs and delivery vans and counts Amazon.com Inc. as its top…
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