Why Fisker Stock Is Down Today
Shares of Fisker (NYSE: FSR) traded down about 10% on Monday, a bad day for a lot of electric vehicle (EV) stocks. Investors are getting nervous about EV start-ups, and Fisker's delayed timetable to launch its vehicle is not doing much to help.
Electric vehicle stocks were all the rage in 2020, but that enthusiasm has been tempered of late by worries about the onslaught of competition coming from both traditional automakers and start-ups, as well as the complexity of bringing a mass-market vehicle to market.
The sector was under pressure on Monday after Workhorse Group reported a first-quarter loss of $120.5 million on revenue of just $521,000. Analysts were expecting a big loss, but the revenue number was less than one-quarter of what was expected.
Source Fool.com
