Lucid Group and Rivian Automotive stocks rose sharply on March 9, 2026, amid surging oil prices, while Tesla shares barely advanced. The gains for Lucid and Rivian reflect increased appeal of electric vehicles as fuel costs climb due to Middle East tensions. Tesla faced pressure from a federal probe into its Full Self-Driving system and competition from BYD.
On March 9, 2026, shares of electric vehicle makers Lucid Group (NASDAQ:LCID) and Rivian Automotive (NASDAQ:RIVN) climbed during trading, buoyed by a spike in oil prices, while Tesla (NASDAQ:TSLA) showed minimal movement. As of approximately 3:50 p.m. ET, LCID traded at $10.48, up from the previous Friday's close of $9.77. RIVN reached $15.94, advancing from $15.37. In contrast, TSLA stood at $399.20, a slight increase from $396.73, after dipping below $382 in the morning for the first time in nearly six months.
The oil surge, with West Texas Intermediate crude at around $86 per barrel by 4:00 p.m. ET, stemmed from escalating geopolitical tensions in the Middle East, including fears over the Iran conflict and potential disruptions in the Strait of Hormuz. Higher oil prices, approaching $90 to $100 per barrel, typically boost EV stocks by making gasoline vehicles less attractive.
Lucid's uptick provided short-term relief for a stock down more than 50% over the past year and nearly 96% over five years from a peak near $247. The company reported Q4 2025 revenue of $522.73 million against cost of revenue at $944.64 million, with free cash flow at -$1.24 billion. Its survival relies on Saudi Arabia’s Public Investment Fund. Analysts set a consensus target of $13.85, with one buy, seven hold, and two sell ratings.
Rivian showed stronger momentum, up 7.79% over the past month and 41.76% over the past year. It achieved its first full year of positive gross profit, with $120 million in Q4 2025, and software revenue rose 109% year-over-year to $447 million, aided by a Volkswagen joint venture. CEO RJ Scaringe plans a keynote at ACT Expo 2026, highlighting the Amazon delivery van partnership. The consensus target is $17.88, though UBS downgraded to sell in January 2026 with a $15 target.
Tesla's lag was attributed to a federal investigation into its Full Self-Driving system for alleged traffic violations and BYD's filing to import EVs to Canada. BYD introduced five-minute flash-charging battery technology. Year-to-date in 2026, TSLA is down 11.23%, compared to Rivian's 19.15% decline and Lucid's 0.9% drop. Over the past year, TSLA rose 51.69%, far outpacing peers, but remains below all-time highs amid regulatory and competitive pressures.
