Why EV Stocks Are Dropping Today
Electric vehicle stocks are following (NASDAQ: TSLA) lower today, and it's understandable why. Tesla's margins are crashing, and the company doesn't seem ready to give up on its price war.
Shares of Lucid Group (NASDAQ: LCID) fell as much as 5.8% today; Canoo (NASDAQ: GOEV) was down 9.7%; and Fisker (NYSE: FSR) was down 6.5%. The stocks closed the day down 4.6%, 7.3%, and 5.7%, respectively.
Demand is really a concern for EV companies today. As the largest manufacturer in the industry, Tesla is the bellwether, and yesterday's results didn't look good. Revenue per vehicle (excluding credits) has dropped 20.4% in the past year to $45,626, and margin per vehicle has dropped 44.3% in the same time frame.
Source Fool.com
Tesla Inc Stock
€193.72
4.100%
Our community is currently high on Tesla Inc with 75 Buy predictions and 28 Sell predictions.
With a target price of 246 € there is a positive potential of 26.99% for Tesla Inc compared to the current price of 193.72 €.
