Friday, February 23, 2024
Stock Market

Why Are EV Stocks Down Today?

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Electric vehicle (EV) stocks are falling on Thursday, and investors can look to Tesla (NASDAQ:TSLA) to figure out why the shares are down today.

The big news hitting EV stocks today is Tesla’s latest earnings report. The EV maker missed Wall Street’s estimates for the fourth quarter of the year.

Considering Tesla is one of the biggest players in the EV space, it makes sense that other companies’ stocks would fall alongside this news. Adjusted EPS of 71 cents and revenue of $25.17 billion came in below Wall Street’s estimates of 74 cents and $25.76 billion.

Tesla also provided the following warning for 2024 in its earnings report:

“In 2024, our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next-generation vehicle at Gigafactory Texas.”

Keeping all of that in mind, let’s check out how EV stocks are faring today below!

EV Stocks Down Today

  • TSLA stock is down 9.5% as of Thursday morning.
  • Nio (NYSE:NIO) shares are dropping 2.2% as of this writing.
  • XPeng (NYSE:XPEV) stock is decreasing 2.1% this morning.
  • Rivian Automotive (NASDAQ:RIVN) shares are sliding 3% lower today.
  • Li Auto (NASDAQ:LI) stock is slipping slightly lower on Thursday.

There are plenty more stock market stories that traders will want to read about below.

We have all of the hottest stock market news that investors need to know about on Thursday! That includes everything happening with Paramount Global (NASDAQ:PARA) stock, Nokia (NYSE:NOK) stock and more. You can read up on these matters at the links below!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2024/01/why-are-ev-stocks-down-today-jan-25th/.

©2024 InvestorPlace Media, LLC

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