SMOG ETF Volume Surges as Tesla Slumps, Rivian Gains

VanEck Low Carbon Energy ETF (SMOG) has seen unusual trading volume, which is 17× higher than its average daily volume.

Among its largest holdings, Tesla, Inc. has come under pressure after Q1 2026 vehicle deliveries and energy storage deployments missed expectations, prompting JPMorgan to reiterate a Sell rating with a sharply lower price target and fueling concerns about rising inventories, weaker free cash flow, and softer energy segment trends, even as other analysts stress long-term potential in autonomous robotaxis. Another key holding, Rivian Automotive, Inc., is seeing a more constructive tone from analysts after reporting delivery growth of about 20% year over year, reaffirming its full-year guidance, and securing bullish rating reiterations and price targets from firms like Baird and Canaccord Genuity, while its recently announced Uber partnership and better‑than‑expected production and delivery figures are viewed as important catalysts for scaling its EV and autonomy platform.