Electric vehicle (EV) stocks are taking a beating today while others are rising and we’re getting to the source of the matter.
Let’s start off with a look at how some of the biggest players in the EV space are doing today.
- Tesla (NASDAQ:TSLA) stock is falling 2% as of this writing.
- Li Auto (NASDAQ:LI) shares were down this morning but are mostly recovered now.
- Nio (NYSE:NIO) shares are up close to 1%. However, it did start the day off below yesterday’s close.
- Fisker (NYSE:FSR) shares are another that is up today with shares climbing 2.8%. Even so, it also started off trading this morning down.
- Lordstown Motors (NASDAQ:RIDE) stock is up slightly even after seeing a major decline this morning.
So why exactly had electric vehicle stocks down this morning? It all has to do with Tesla.
Recent reports from China’s Passenger Car Association claim that the company isn’t selling as many vehicles in the country. In its report for April, the agency notes that TSLA only sold 25,845 locally-made vehicles. That’s a compared to that same sales measure in March.
The idea that Tesla could be losing steam in China caused the stock to dip today. It’s likely that other EV stocks were falling alongside it on the news. However, as the numbers above show, that negative news could keep some electric vehicle stocks down today.
While Tesla stock is falling today, CEO Elon Musk took to Twitter (NYSE:TWTR) with an interesting poll for his followers. The Dogefather asked if they’d like for Tesla to start accepting Dogecoin (CCC:DOGE-USD) at the company. You can learn more about that at this link.
It’s not just electric vehicle stocks that have been on a wild ride today.
Several other markets and stocks have seen their shares making major moves. That includes the likes of Palantir (NYSE:PLTR) and Marathon Digital (NASDAQ:MARA), as well as several fuel cell stocks, including FuelCell Energy (NASDAQ:FCEL). You can catch up on these latest news stories at the links below.
More Tuesday Stock News
- PLTR Stock: 5 Things to Know About Palantir Tuesday as Shares Rise
- MARA Stock: 9 Things to Know About Crypto Mining Play Marathon Digital as Shares Slide
- Fuel Cell Stocks: Why FCEL, PLUG, BE and BLDP Shares Are Moving Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.