Why Rivian, Wolfspeed, and Navitas Semiconductor Plunged Today
2025-01-08 15:14:37 ET
Shares of electric vehicle company Rivian (NASDAQ: RIVN) and EV-related power chipmakers Wolfspeed (NYSE: WOLF) and Navitas Semiconductor (NASDAQ: NVTS) were down on Wednesday, falling 5.7%, 15.2%, and 13%, respectively, as of 12:25 p.m. ET.
Rivian is an upstart electric vehicle challenger, while Wolfspeed is an emerging player in silicon carbide (SiC) wafer production and SiC-based chips used predominantly in EVs. Meanwhile, Navitas is a small-cap chip designer of both SiC and gallium nitride power chips for EVs, industrial, and consumer electronics applications.
The plunge today appeared to be partly a continuation of yesterday's down market in response to higher interest rates. But the overly harsh sell-off in EV-related stocks and semiconductor players can likely be attributed to a layoff announcement at a large Japanese competitor. The announcement suggested continued weak demand in the space, casting a pall over the EV and power semiconductor sectors.
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