Shares of several companies in the broader consumer discretionary sector including Rivian Automotive Inc (NASDAQ:RIVN) and Lucid Group Inc (NASDAQ:LCID) are trading lower Monday amid overall market weakness as a rise in bond-yields weighs on stocks.
Investors are also preparing to assess the financial impact stemming from the Russia-Ukraine conflict and a rise in U.S. inflation as a large number of companies are set to report earnings this week.
According to a CNBC report, Rivian continues to battle supply-chain headwinds. Although Rivian is "really confident" it can produce 25,000 vehicles in 2022, the company initially guided for 50,000 vehicles this year. Rivian is reportedly fighting supply-chain constraints for semiconductors and wire harnesses.
"The vast majority of our vehicle is not having supply chain constraints. It’s just a small percentage," Rivian CEO RJ Scaringe told CNBC. "It doesn’t take more than one part to stop the production."
RIVN, LCID Price Action: According to data from Benzinga Pro, Rivian was down 5.22% at $38.47 at press time and Lucid was down 2.75% at $20.43.
Photos: courtesy of Rivian and Lucid.
