Why Tesla, Nio, and Lucid All Sank Today
Shares of electric-vehicle (EV) stocks were sinking today after a new report showed that Tesla's (NASDAQ: TSLA) vehicle deliveries in China tumbled 64% in July. Nio (NYSE: NIO) -- which is based in China -- may be reacting negatively to that news, along with new data that showed the company continues to lag behind its rival in China.
Additionally, Lucid Group (NASDAQ: LCID) may be losing some ground after Ford announced today that it's raising the price of its F-150 Lightning pickup truck due to rising material costs.
In the nascent EV industry, any dramatic news for one automaker can often affect the share price of other automotive companies, which appears to be the case today. As a result, Tesla was down 2.2%, Nio had fallen 4.6%, and Lucid was down 6.6% at the end of the trading day.
Source Fool.com
