Shares of Nikola Corp. (NASDAQ: NKLA) fell more than 10% this week, according to data provided by S&P Global Market Intelligence. The troubled automaker, which focuses on electric and hydrogen fuel-cell vehicles, is getting slammed to start October after its shares soared last month. A declining stock is likely due to investor concerns over deteriorating demand for electric vehicles (EVs) in the United States, with market leader reporting disappointing third-quarter delivery numbers. 

Nikola had no major news this week, so it is likely the stock is falling due to reports from competitors. Rivian Automotive reported 15.5 thousand deliveries in Q3, which apparently was below investor expectations. Its stock is down 22% this week.

More importantly may be the weak delivery numbers that Tesla reported for Q3. The company delivered 435 thousand vehicles over the last three months, missing analyst expectations for the period. Today, it dropped prices once again on its mainline models. Pricing pressure and weak delivery numbers are making investors nervous about the EV market at the moment, which is likely bringing down Nikola shares.

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Source Fool.com