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Tesla’s stock hit a two-month low, stirring concerns about possible price reductions in a challenging macro environment characterized by high interest rates. This observation was made by Wedbush analyst Dan Ives.
The fallout from Tesla’s earnings report led to a slump in the Global X Autonomous & Electric Vehicle ETF and a slight easing of S&P 500 futures.
China-based EV competitors Nio (NYSE:NIO) Inc., XPeng Inc (NYSE:XPEV)., and Li Auto (NASDAQ:LI) Inc. trended towards four-month lows. In addition, Lucid Group and Mullen Automotive reached record lows, while Nikola Corp . fell to a five-week low.
Despite the overall sector downtrend, there were mixed results among other EV manufacturers. Fisker Inc. (NYSE:FSR), and VinFast Auto Ltd. (NASDAQ:VFS) saw declines, but Workhorse Group Inc.’s stock bucked the trend with an increase.
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