Why American EV Stocks Tumbled on Tuesday
Tuesday wasn't an ideal day to be a shareholder in many of the electric vehicle (EV) and associated companies headquartered within U.S. borders. Big news from across the Pacific Ocean drained confidence about U.S. manufacturers, which led to a broad sell-off throughout the sector.
Truck and SUV maker Rivian Automotive (NASDAQ: RIVN), for one, saw a dispiriting decline; it closed the day 7% lower in price. Luxury EV specialist Lucid Group (NASDAQ: LCID) did slightly worse with a nearly 8% drop, while next-generation auto battery developer QuantumScape (NYSE: QS) lost just under 7% of its value.
That news was actually great for a certain class of EV makers; that class is Chinese manufacturers. On the same day, several of the latter unveiled their latest delivery figures, and boy, were these impressive.
Source Fool.com
