Why EV Stocks Nio, Workhorse, and Hyzon Are Down Today
With the general markets approaching correction territory, stocks in the more aggressive electric vehicle (EV) sector are facing stronger headwinds than many others. That continued today, with shares of Chinese EV maker Nio (NYSE: NIO), start-up Workhorse (NASDAQ: WKHS), and hydrogen fuel cell EV company Hyzon (NASDAQ: HYZN) all declining. At the lows of the day, the stocks of the three companies were down 2.1%, 10%, and 11.4%, respectively. By market close, they had rebounded some, with Nio finishing 0.62% down, Workhorse lower by 9.3%, and Hyzon almost 8% lower.
Of the three, Nio has actually had some good news recently, with stronger-than-expected third-quarter vehicle deliveries and news of progress in its expansion into Europe. But Workhorse and Hyzon both have been hit with negative news, with the market reacting accordingly.
Nio customer checking out its ES8 SUV. Image source: Nio.
Source Fool.com
