Why Nio, Xpeng, and Lucid Stocks Dropped Today
Tesla's (NASDAQ: TSLA) announcement of price cuts earlier this month continues to reverberate across the EV industry as shares of rival electric car manufacturers see their share prices tumble this morning. Through 10 a.m. ET, shares of Chinese electric automakers Nio (NYSE: NIO) and Xpeng (NYSE: XPEV) are down 3.1% and 4.9%, respectively. Closer to home, luxury EV-company Lucid Group (NASDAQ: LCID) is losing 3.8%.
But this time, it's not Tesla's price cuts that are worrying investors. It's Ford's (NYSE: F).
Bright and early this morning, Ford updated pricing on all seven models of its 2023 Mustang Mach-E electric car, cutting the price by anywhere from $600 to $5,900 depending on the model purchased -- or by 1.2% to 8.4%.
Source Fool.com
