Electric vehicle stocks fade ahead of Tesla earnings
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There was plenty of jittery trading in the electric vehicle sector on Wednesday morning ahead of a big earnings report from Tesla (NASDAQ:TSLA
-4.6%) after the market the closes.
Investors will be watching for the Tesla's (TSLA) commentary on the production restart in Shanghai and the outlook for China in general with zero-tolerance COVID policies still having the potential to disrupt supply chains.
The Tesla anxiety on Wednesday roiling over the EV sector also coincided with growing concerns around high PE stocks and pre-revenue growth story names. A bruising earnings report from Netflix and concerns over Facebook's Q2 numbers were also in the mix.
Notable decliners included Beam Global (BEEM
-14.3%), Volta Inc. (VLTA
-10.5%), Mullen Automotive (MULN
-10.9%), Arrival (ARVL
-8.9%), Nio (NIO
-9.0%), XPeng (XPEV
-8.9%), Arcimoto (FUV
-7.9%), Li Auto (LI
-7.1%), Rivian Automotive (RIVN
-6.4%), Workhorse Group (WKHS
-6.2%), Blink Charging (BLNK
-3.6%) and ChargePoint Holdings (CHPT
-4.5%).
Check out what analysts think about the upcoming Tesla earnings report.