Why Shares of Solid Power Are Plummeting Today
Poised to end 2024 on a sour note, shares of Solid Power (NASDAQ: SLDP) are skidding today as investors seem energized about moving the solid-state battery stock out of their portfolios. The irony though is that the company hasn't reported any negative news which would be a catalyst for the sell-off. Instead, it seems investors may be overreacting to news from Solid Power's partner Ford (NYSE: F).
Shares of Solid Power closed the day 11.7% lower.
The National Highway Traffic Safety Administration (NHTSA) announced today that Ford would recall 20,484 hybrid crossover SUVs, including Ford Escape and Lincoln Corsair vehicles from model years 2020 to 2024. According to the NHTSA, "A manufacturing defect in one or more of the high voltage battery cells may result in an internal short circuit and battery failure."
Source Fool.com
