TSLA
Auto sector jolted by intense selling in electric vehicle stocks
- A fairly broad sell-off in electric vehicle stocks is impacting both
manufacturers and suppliers as investors refocus on valuation levels and
the ongoing global chip shortage in the industry.
- Notable decliners not mentioned earlier include Ayro (AYRO-16.3%),
Electrameccanica Vehicles (SOLO-14.4%), GreenPower Motors Company (GP
-11.8%), Kandi Technologies (KNDI-9.3%), Foresight Autonomous Holdings (
FRSX-16.1%), China Automotive Systems (CAAS-19.1%), QunatumScape (QS
-13.9%), Westport Fuel Systems (WPRT-15.1%), XL Fleet (XL-12.7%), Romeo
Power (RMO-13.1%), Hyliion Holdings (HYLN-11.7%) and VOXX International (
VOXX-10.6%).
- Even Detroit automakers Ford (F-2.9%) and General Motors (GM-3.3%) are
giving some of their gains built up in 2021 off the electrification buzz.
- What about the EV mother ship? Tesla (NASDAQ:TSLA) is now down 9.63%
to $644.61 and has traded as low as $619.50 today.
- Wedbush Securities analyst Dan Ives says the Bitcoin slide is a bit of
a factor in the Tesla selling pressure. "From a high level, its $1.5
billion which is a small amount of the company's overall cash position
and
in theory does not move the needle for Tesla. However, perception is
reality on the Street and by Musk and Tesla aggressively embracing
Bitcoin
(from a transactional perspective as well), investors are starting to tie
Bitcoin and Tesla at the hip," he notes.
- Also in the mix: "Tesla stopping sales of its lowest price Model Y
coupled by continued price cuts have led to Street demand concerns as the
bears come out of hibernation mode," adds Ives.
- Read more on the EV selling pressure: Tesla, Churchill Capital pace
big downturn in electric vehicle stocks.
|Today, 10:02 AM|37 Comments
Auto sector jolted by intense selling in electric vehicle stocks
- A fairly broad sell-off in electric vehicle stocks is impacting both
manufacturers and suppliers as investors refocus on valuation levels and
the ongoing global chip shortage in the industry.
- Notable decliners not mentioned earlier include Ayro (AYRO-16.3%),
Electrameccanica Vehicles (SOLO-14.4%), GreenPower Motors Company (GP
-11.8%), Kandi Technologies (KNDI-9.3%), Foresight Autonomous Holdings (
FRSX-16.1%), China Automotive Systems (CAAS-19.1%), QunatumScape (QS
-13.9%), Westport Fuel Systems (WPRT-15.1%), XL Fleet (XL-12.7%), Romeo
Power (RMO-13.1%), Hyliion Holdings (HYLN-11.7%) and VOXX International (
VOXX-10.6%).
- Even Detroit automakers Ford (F-2.9%) and General Motors (GM-3.3%) are
giving some of their gains built up in 2021 off the electrification buzz.
- What about the EV mother ship? Tesla (NASDAQ:TSLA) is now down 9.63%
to $644.61 and has traded as low as $619.50 today.
- Wedbush Securities analyst Dan Ives says the Bitcoin slide is a bit of
a factor in the Tesla selling pressure. "From a high level, its $1.5
billion which is a small amount of the company's overall cash position
and
in theory does not move the needle for Tesla. However, perception is
reality on the Street and by Musk and Tesla aggressively embracing
Bitcoin
(from a transactional perspective as well), investors are starting to tie
Bitcoin and Tesla at the hip," he notes.
- Also in the mix: "Tesla stopping sales of its lowest price Model Y
coupled by continued price cuts have led to Street demand concerns as the
bears come out of hibernation mode," adds Ives.
- Read more on the EV selling pressure: Tesla, Churchill Capital pace
big downturn in electric vehicle stocks.
|Today, 10:02 AM|37 Comments
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