Why Tesla, Lucid, and Nio Stocks Were All Falling Today
Some electric vehicle (EV) stocks were tumbling today, including Tesla (NASDAQ: TSLA), Lucid Group (NASDAQ: LCID), and Nio (NYSE: NIO), likely in response to General Motors reporting second-quarter results that were worse than expected.
The company's earnings missed analysts' consensus estimate and GM said it was unable to ship 90,000 vehicles because of supply shortages.
EV investors took GM's second-quarter results as an indicator of problems within the broader automotive industry today, causing Tesla to fall 3.7%, Lucid to slip 3.4%, and Nio to tumble 1.2% as of 3 p.m. ET.
Source Fool.com
