QS - Electric vehicle stocks fall as investors eye competitive backdrop

Fritz Jorgensen/iStock via Getty Images The electric vehicle sector is starting off the third quarter in reverse despite strong sales reports from Chinese automakers earlier in the day and another jump higher in oil prices. Traders might be looking at the strong EV sales just reported on the Nissan Leaf and Chevy Bolt for the first half of the year as an indication that legacy automakers may be more competitive in the EV industry over the longer term than anticipated when 2021 began. The biggest decliners on the day include Lordstown Motors ([[RIDE]] -7.2%), Workhorse Group ([[WKHS]] -8.2%), Nikola ([[NKLA]] -6.6%), GreenPower Motor ([[GP]] -5.9%), XL Fleet ([[XL]] -4.3%), QuantumScape ([[QS]] -5.4%), Fisker ([[FSR]] -5.4%), Churchill Capital IV ([[CCIV]] -3.5%) and Electrameccanica Vehicles ([[SOLO]] -5.6%). Tesla (TSLA) is down just 0.40% with its deliveries report expected today or tomorrow. Looking at the setup on Tesla for the back half of the year,

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Electric vehicle stocks fall as investors eye competitive backdrop