Why Electric Vehicle Stocks Are Falling Again on Monday
Electric vehicle (EV) stocks have been some of the hardest hit by the market's "risk off" trading today. Major indexes are flat at 1:30 p.m. ET; many highly volatile stocks are down; and oil is up a whopping 4.3% to $86.37 per barrel.
The three most notable movers on the EV side are Lucid (NASDAQ: LCID), falling as much as 5.1%, QuantumScape (NYSE: QS), dropping 5.3%; and Canoo (NASDAQ: GOEV), losing 11.9%. As I'm writing, shares of the companies are down 3.9%, 5.1%, and 9.5%, respectively.
Increasing conflict in Israel is causing investors in the U.S. to flee to what they feel are "safe" assets, and money-losing electric vehicle companies don't fit that bill. This time, it's not higher interest rates that are hurting stocks, it's simply fear of the unknown that's causing stocks to fall.
Source Fool.com
