Electric Vehicle Stocks Are Crashing -- Here's Why
Electric vehicle upstarts had a rough day on Tuesday as investors sold off the entire industry. Not only are there broad headwinds like higher interest rates and more competition, but there are now some company-specific concerns to worry about.
Shares of Canoo (NASDAQ: GOEV) fell as much as 5.6% today, Rivian (NASDAQ: RIVN) dropped 6.7%, and QuantumScape (NYSE: QS) was off as much as 5.5%. Shares of the stocks were down 2.8%, 6.4%, and 4.8%, respectively, at 3:30 p.m. ET.
It started with bad news from Fisker after the market closed on Monday; it announced its chief accounting officer had left the company after just two weeks on the job. This at least caused investors to wonder if there are red flags we don't yet know about at Fisker and if that will spread to EV stocks more broadly.
Source Fool.com
