EV stocks aren’t doing so hot on Thursday and investors can look to Tesla (NASDAQ:TSLA) for the reasons behind today’s dips.
The big news traders are reacting to is the company’s adjusted EPS of 85 cents alongside revenue of $23.33 billion. These are mixed results compared to Wall Street’s estimates of 85 cents per share and revenue of $23.36 billion.
Not helping matters is the decrease the company saw in its net income during the quarter. The company brought in $2.51 billion for the period, which is a 24% drop compared to the same time last year.
Finally, Tesla revealed more price cuts are coming for its EVs to remain competitive. Founder and CEO Elon Musk says this is part of the company’s plan to continue to increase its fleet even during a rough economy.
Shares of EV stocks are dropping today after Tesla missed its earnings. The price cut talk also isn’t helping other EV companies out today. Let’s get into how EV stocks are moving in response to this news below!
EV Stocks Down on Thursday
- Starting with the source of today’s drop, shares of TSLA are down 8.8% as of Thursday morning.
- Next is Rivian Automotive (NASDAQ:RIVN), which is seeing a 3.9% decline as of this writing.
- Finally, Lucid (NASDAQ:LCID) shares are also taking a beating with a 5.8% drop this morning.
Investors seeking more of the hottest stock market news will want to stick around!
We’ve got all of the most recent stock market news traders need to know about on Thursday! A few examples include what’s happening with shares of Las Vegas Sands (NYSE:LVS), Mullen Automotive (NASDAQ:MULN), and Bed Bath & Beyond (NASDAQ:BBBY) stock. You can find all of the details on these matters below!
More Thursday Stock Market News
- Why Is Las Vegas Sands (LVS) Stock Up 6% Today?
- MULN Stock Alert: Mullen Announces HUGE Battery Advancements
- Dear BBBY Stock Fans, Mark Your Calendars for April 22
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.