Why Tesla And Rivian Automotive Shares Are Falling On Monday

Tesla Inc (NASDAQ:TSLA) and Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower amid a pullback in EV and clean energy stocks. A recent surge in oil prices recently raised demand outlook for alternative energy vehicles and Monday's dip in oil prices has possibly eased sector sentiment. President Joe Biden last week announced a ban on Russian oil, natural gas and coal imports which raised interest in clean energy names.

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Tesla is trading lower by 3.37% at $769.00.

Rivian is trading lower by 6.07% at $35.74.