Everything You Need to Know About EV Stocks This Week
It was another wild week for electric vehicle (EV) stocks as the market swung between fear and greed. Automakers are still struggling with weak demand and falling margins, but some suppliers are seeing a brighter future as interest rates decline.
Li Auto (NASDAQ: LI) was the big loser this week, falling as much as 19.6%, according to data provided by S&P Global Market Intelligence, and closing the week down 19.2%. But not everything was down as Solid Power (NASDAQ: SLDP) shares jumped as much as 17.4% and ChargePoint (NYSE: CHPT) stock was up 10.1%. Shares of the two companies closed the week up 13% and 3.6%, respectively.
Shares of Li Auto fell in large part due to the company announcing a drop in demand for vehicles. Management said lower order intake led them to reduce first-quarter 2024 delivery guidance from 100,000 to 103,000 vehicles to a range of 76,000 to 78,000.
Source Fool.com
