Several WallStreetBets stocks (WSBs) have received strong market attention. This is because retail investors drove the stock prices of fundamentally poor companies to unanticipated highs. It is for this reason that we recommend you avoid popular EV stock on WSBs like Rivian (RIVN), Tesla (NASDAQ:), Lucid (LCID), and Rivian (RIVN). They are overvalued. Read on.Growing climate change concerns and governments’ favorable policies are expected to help drive the electric vehicle (EV) industry’s growth in the coming months. President Biden’s infrastructure bill, which passed into law on November 15, 2021, includes $7.5 billion in funding for EV charging. According to a Research and Markets Report, EVs will account for 48% of new vehicles sold by 2030.

Many EV stocks have been well-known in WallStretBets (WSBs) and the Reddit community. To squeeze institutional investors who are short selling, WSBs often place bets against heavily-shorted companies. Several popular EV stocks are widely discussed on the Reddit platform, but that does not necessarily reflect insight into the companies’ fundamentals. Retail investors can suffer huge losses as many WSB stock prices have fallen dramatically in the intraday.

This backdrop suggests that it might be wise not to invest in popular WSBs EV shares Tesla, Inc., Rivian Automobile, Inc., and Lucid Group, Inc. They look expensive at the current price level.

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