Electric vehicle stocks fall after macro, GM-Honda news weigh
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Electric vehicle stocks largely fell back as investors with risk-on trading dialed back again.
The biggest decliners in the electric vehicle sector in Tuesday morning trading were Faraday Future Intelligent Electric (NASDAQ:FFIE
-8.7%), GreenPower Motor Company (NASDAQ:GP
-9.1%), Helbiz (NASDAQ:HLBZ
-9.1%), Electric Last Mile Solutions (NASDAQ:ELMS
-9.2%), Lordstown Motors (RIDE
-6.6%), Rivian Automotive (RIVN
-5.9%) and Arcimoto (FUV
-7.4%). Many of those names have been heavily shorted by investors.
On the macro front, higher Treasury yields, more commodities inflation warnings and higher oil prices were in the mix - while comments from U.S. Federal Reserve Governor Lael Brainard ratcheted up concerns again over aggressive monetary policy tightening. Within the automobile industry, news that General Motors (GM
-3.7%) and Honda Motor (HMC
-2.7%) are working together under a long-time partnership to produce electric vehicles that cost less than $30,000 is attracting attention.
"GM and Honda will share our best technology, design and manufacturing strategies to deliver affordable and desirable EVs on a global scale, including our key markets in North America, South America and China," stated General Motors CEO Mary Barra on the development.
Chinese EV stocks Nio (Nio), XPeng (XPEV
-5.5%) and Li Auto (LI
-3.0%) also were in reverse on Tuesday and shares of Tesla (TSLA
-2.1%) eased back after a strong two weeks.
Allego NV (ALLG
+13.9%) was an outlier again as the wild swings continued with the new EV battery charging stock.
Sector watch: Nio creates buzz with battery-swapping plans.