Nio, XPeng and Arrival headline down day for electric vehicle stocks
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Electric vehicle stocks traded lower on Wednesday morning as investors continue to show anxiety over the risk of a recession and the impact on debt loads and valuations of higher interest rates. A warning from Bernstein that Tesla (NASDAQ:TSLA) may need to take additional price cuts in China to stoke demand and in the U.S. to qualify for IRA rebates is also in the mix, as is a bankruptcy warning on Carvana (CVNA) -44.2% that may resonate across some EV startup names. The downswing in electric vehicle stock prices follows what has been solid run for the sector recently tied to easing COVID restrictions in China.
The biggest decliners in the sector on Wednesday included XPeng (XPEV) -10.61%, Niu Technologies (NIU) -10.20%, Nio (NIO) -7.29%, Arrival (ARVL) -6.77%, Workhorse Group (WKHS) -5.98%, Canoo (GOEV) -5.56%, Blink Charging (BLNK) -5.38%, and Volta (VLTA) -5.30%.
Tesla (TSLA) was also in negative territory with an early drop of 3.15%, while Allego (ALLG) +8.40% and Phoenix Motor (PEV) +3.27% were outliers with gains.
There are two electric vehicle stocks that have Seeking Alpha Quant Ratings of Buy. Kandi Technologies (KNDI) and REV GRoup (REVG) are the EV standouts by quant score.
Sector watch: Apple pushes self-driving car launch to 2026 but still eyes major EV industry disruption.