Why Shares of Switchback Energy and 2 Other EV Stocks Are Down Today
Shares of Switchback Energy Acquisition (NYSE: SBE), CIIG Merger (NASDAQ: CIIC), and Electrameccanica Vehicles (NASDAQ: SOLO) all dropped more than 15% today before mounting a recovery. As of 11:25 a.m. EST, Switchback shares are down 9%, CIIG shares are only 2% lower, and Electrameccanica shares have swung to a gain of 4%. CIIG is a special purpose acquisition company (SPAC) merging with Arrival, a U.K.-based maker of electric vans and buses, which has yet to begin manufacturing its products.
