Electric vehicle (EV) stocks, including Tesla (NASDAQ:), Nikola (NASDAQ:) Corp., Lucid Group Inc. (NASDAQ:), Mullen Automotive Inc. (NASDAQ:), and Rivian (NASDAQ:) Automotive Inc., experienced a general downtrend on Thursday. This was triggered by Tesla’s underwhelming third-quarter earnings and CEO Elon Musk’s cautious outlook on the forthcoming Cybertruck launch.
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 .
China-based EV competitors Nio (NYSE:) Inc., XPeng Inc (NYSE:)., and Li Auto (NASDAQ:) 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:), and VinFast Auto Ltd. (NASDAQ:) saw declines, but Workhorse Group Inc.’s stock bucked the trend with an increase.
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