EV stocks fall after Tesla cuts prices

Faraday Future Intelligent Electric

22/04/2024 11:52

** Shares of EV stocks fall in premarket trade after Tesla
 TSLA.O  cuts prices for its EVs in major global markets
including United States
    ** TSLA down 1.4% at $133.65 premarket 
    ** Following suit, Chinese automaker Li Auto  2015.HK 
 LI.O  cuts prices by around 5% on four of its five models; says
it will refund owners who bought those models earlier 
    ** U.S.-listed shares of Li Auto  LI.O  down 7.2%, Nio
 NIO.N  down 1.3%, Xpeng  XPEV.N  down 4.3%
    ** Faraday Future  FFIE.O  down 1.9% at about 5 cents
    ** TSLA has been in a price war with peers as co grapples
with falling sales 
    ** TSLA's stock lost 41% in market value in 2024

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com;))