Tesla, Faraday and Arrival headline big losses across electric vehicle stocks
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The electric vehicle sector saw big declines on Tuesday amid a battering of tech stocks and high-growth names in general with supply chain worries in China and valuation resets back on the front burner with investors.
The down day was headlined by Tesla (NASDAQ:TSLA
-10.6%) sliding to a new eight-week low following some roadblocks for the company in India and with at least a few investors questioning if there could be a negative impact on the company from Elon Musk owning Twitter.
Faraday Future Intelligent Electric Inc. (FFIE
-21.9%) crumbled to a new post-SPAC low and EV upstarts like Cenntro (CENN
-14.6%), Arrival (ARVL
-8.5%), Arcimoto (FUV
-13.4%), Rivian Automotive (RIVN
-8.3%), Lucid Group (LCID
-8.3%), Workhorse Group (WKHS
-8.3%), Electric Last Mile Solutions (ELMS
-5.5%), Lion Electric Company (LEV
-6.9%), TuSimple Holdings (NASDAQ:TSP
-6.6%), Ree Automotive (NASDAQ:REE
-7.3%), and Hyliion Holdings (NYSE:HYLN
-7.6%) all saw bruising sell-offs. Part of the selling pressure is being attributed to increased concerns that suppliers will be slow to turn around key components due to COVID lockdown disruption. In that vein, the China Passenger Car Association forecast up to 40% of expected production in May will be lost in China due to production problems.
There are some analysts pointing to attractive entry points for investors with a long-term horizon on betting on the upside for EV stocks.
Sector watch: Ford ramps up F-150 Lightning plans with EV pickup seen dominating like the Model T.