ALLG - Electric vehicle stocks fall after macro GM-Honda news weighs

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. One 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

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Electric vehicle stocks fall after macro, GM-Honda news weighs