Electric truck and SUV maker Rivian’s (RIVN
-12.34%
) stock fell by more than 12% on Thursday, erasing much of the gains that came after Volkswagen (VWAGY
+0.97%
) increased its planned investment in their joint venture to $5.8 billion. Lucid’s (LCID
-3.21%
) stock price continued its fall from earlier in the day, declining 3%.

Even Tesla (TSLA
-5.32%
), which has been riding an election-fueled stock boom to a $1 trillion valuation, saw its stock decline by 5% on Thursday. Analysts see CEO Elon Musk’s close relationship with the president-elect as a boon to the stock; that relationship includes plans to make Musk co-head of the non-governmental Department of Government Efficiency.