Why Lucid, Freyr, and Fisker Stocks Fell on Wednesday
Shares of electric car stocks Freyr Battery (NYSE: FREY), Lucid Group (NASDAQ: LCID), and Fisker (NYSE: FSR) tumbled in afternoon trading Wednesday, stung by The Wall Street Journal's report out this morning detailing the financial difficulties that EV stocks are facing.
As of 3:10 p.m. ET, Freyr stock is down 7.4%, Lucid stock is off 8.5%, and Fisker is hurting worst of all -- a solid 10% decline.
In today's column, the Journal highlighted the financial difficulties of a whole host of electric vehicle stocks that went public via SPAC transactions in 2020 (Fisker) and 2021 (Freyr and Lucid). A total of 43 such EV and rechargeable battery stocks went public during this period, notes the , and 18 of these companies are currently "at risk of running out of cash by the end of 2024."
Source Fool.com
