EV stocks slide as Tesla shifts gear to focus on sales growth over profit

Nu Ride

20/04/2023 10:49

** Shares of EV makers slide premarket after Tesla Inc
 TSLA.O  posts lowest quarterly gross margin in two years that
missed market estimates
    ** TSLA down 7.7% at $166.51 premarket
    ** Tesla slashed prices aggressively in markets, including
the U.S. and China, to spur demand and fend off rising
competition
    ** Tesla will prioritize sales growth ahead of profit, says 
CEO Elon Musk 
    ** If premarket losses hold through the session, Tesla is
set to lose $43 bln in market value
    ** Among other EV makers, U.S.-listed shares of Li Auto Inc
 LI.O  , Xpeng Inc  XPEV.N  and Nio Inc  NIO.N  slide between
2.5% and 4.8% 
    ** Nikola Corp  NKLA.O , Rivian Automotive Inc  RIVN.O  and
Lucid Group Inc  LCID.O  slip 2.2%-3.2% 
    ** Peers Canoo Inc  GOEV.O , Fisker Inc  FSR.N  and
Lordstown Motors Corp  RIDE.O  are down 1.3%-1.8%
    ** Other carmakers Ford Motor Co  F.N  down 1.8%, General
Motors Co  GM.N  slips 2.4%

 (Reporting by Medha Singh and Johann M cherian)
 ((medha.singh@thomsonreuters.com))