EV stocks skid as Tesla's quarterly deliveries fall for the first time in 4 years

Bollinger Innovations

02/04/2024 17:45

** Electric vehicle stocks tumble as Tesla  TSLA.O  posts
first quarterly fall in deliveries in nearly 4 years
underscoring a slowdown in EV demand
    ** Tesla was on track to having $33 bln shaved off its
market value on Tuesday after a 6% drop 
    ** Rivian Automotive  RIVN.O  slides 4.9% after missing
market estimates for quarterly production
    ** Canoo  GOEV.O  tumbled 33% to $2.61 after co forecasts
2024 revenue well below estimates and warned about its ability
to continue as a going concern for the 8th straight quarter
    ** Other EV stocks also drop: Workhorse Group  WKHS.O  shed
5.7%, Mullen Automotive  MULN.O , Nikola  NKLA.O , U.S.-listed
shares of Nio  NIO.N  fall between 2% and 5%
    ** EV charging and battery cos ChargePoint Holdings
 CHPT.N , Blink Charging  BLNK.O , QuantumScape  QS.N , and
Nuvve Holding Corp  NVVE.O  drop in the range of 3% and 5%,
respectively
    ** Broadly, U.S. stocks dropped on growing concerns about
the possibility of fewer interest rate cuts than expected by the
Federal Reserve

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))