Why Investors Slammed the Brakes on U.S. Electric Vehicle and Associated Stocks Today
Solid sales figure from an overseas rival and discouraging news from top domestic automakers scotched U.S. electric vehicle (EV) stocks on Wednesday. The effect also spread to affiliated businesses like component makers.
High-end SUV manufacturer Fisker (NYSE: FSR) suffered a nearly 9% drop that day in its share price as a result. Next-generation truck specialist Nikola (NASDAQ: NKLA) felt the impact more acutely by taking a more than 11% hit to its stock. Ambitious, envelope-pushing battery company QuantumScape (NYSE: QS) didn't fall quite so steeply but still booked a 3% loss on the day.
There's a new leader in the EV sales race, and it's not based within our borders. China's (OTC: BYDDY) reported that it sold over 526,000 EVs in the calendar fourth quarter of 2023. That easily topped the almost 485,000 sold by U.S. EV pacesetter Tesla and was the first time that BYD has lapped its American peer.
Source Fool.com
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