The electric vehicle (EV) stock race hit a speed bump as Tesla (NASDAQ:TSLA) led the pack on a downward spiral, thanks to its underwhelming third-quarter earnings and Elon Musk’s rather cautious outlook on the eagerly anticipated Cybertruck launch. Tesla’s stock reached a two-month low, sparking concerns of potential price cuts in a financial landscape rife with high interest rates. In the wise words of Wedbush analyst Dan Ives, it’s like navigating a rocky road in the EV world.
The Tesla tumble had a domino effect, sending the Global X Autonomous & Electric Vehicle ETF into a spin and causing a minor hiccup in S&P 500 futures. It seems that even the EV titans of China, like Nio (NYSE:NIO), XPeng Inc (NYSE:XPEV), and Li Auto (NASDAQ:LI), had their own uphill struggles, flirting with four-month lows. Meanwhile, Lucid Group and Mullen Automotive hit the skids, and Nikola Corp. found itself at a five-week low.
However, not all EV makers were caught in the crossfire. Fisker Inc. (NYSE:FSR) and VinFast Auto Ltd. (NASDAQ:VFS) faced some headwinds, while Workhorse Group Inc. dared to defy the trend with a surge of its own. It seems the EV market has its own set of twists and turns, and investors are buckling up for the ride.