Investing.com -- Rivian Automotive shares were losing roughly 3% in midday trading on Tuesday following a report about a competitor's financial difficulties.

Electric-vehicles.com reported that Lucid, a fellow U.S. electric vehicle manufacturer, is considering strategic options that include going private or filing for Chapter 11 bankruptcy protection.

Lucid shares dropped about 50% and trading was halted three times within an hour after the report was published.