EV Roundup: Tesla Records a 10th Decline in 11 Sessions, Lucid Falls to Record-low Territory
$Tesla(TSLA.US$ shares dropped nearly 4% on Friday after the company announced new price cuts in China, following a Thursday decline off of news the company is halting production at its Giga Berlin factory due to Red Sea conflict. The drop gave Tesla's shares their 10th decline in 11 sessions. Moreover, Bloomberg reported on Thursday that Tesla announced pay raises for employees at its U.S. factories, amidst the United Auto Workers' attempts to unionize the nonunion carmaker.
$Lucid Group(LCID.US$'s stock selloff is another part of broad weakness in the EV space. The shares fell deeper into record-low territory after the maker of luxury electric vehicles reported fourth-quarter deliveries that fell short of Wall Street expectations.
Chinese EV maker $NIO Inc(NIO.US$ also recorded its seventh straight session of losses. Its shares have crashed nearly 39% over a 12-month period. Short interest on NIO stands at about 15.4% of the total float, according to Seeking Alpha.
BofA Securities analyst Ming Hsun Lee downgraded Nio from a Buy rating to a Neutral rating on Tuesday, which came just days after Goldman Sachs initiated coverage on Nio with a 12-month price target of $8.40 and warned of potential growth challenges, citing the company's lack of new model launches compared to competitors.
Source: Seeking Alpha, Bloomberg
By Moomoo news Cath Zhang
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Mike Obama : ev going to poo.
xyin88 : is it due to Strike in Berlin or Red sea ? The media is re-shaping the story.
70495499 xyin88: They say it’s because the new routes around the Suez Canal cost an extra million in fuel.
72782544 : If you look at the price trend of household appliances around the world after mainland China joined the production and competition of household appliances back then, you can see that this year was the first year of sharp price drops for electric vehicles! Tesla is no exception.
Anirban Ghosal : What About Polestar. That has high growth potential
151477963 : Love it