EV makers face a stock-market sorting. Here are the likely losers

Thyagaraju Adinarayan and Jeran Wittenstein

The great sorting of electric-vehicle companies is under way in the stock market.

Investors have embraced Tesla Inc. and its meteoric rise as the biggest carmaker by market value, while Ford Motor Co. has more than doubled in the past year on its EV plans. On the other hand, new entrants with little in the way of earnings, or even sales — think Rivian Automotive Inc., Nikola Corp. and Lordstown Motors Corp. — look to be a bubble in the process of bursting. 

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