SOLO - Selling pressure in the EV sector following dizzying rally
The wild ride for electric vehicle stocks could be calming down as investors finally pull back on the multi-month buying spree tied to the U.S. election, strong sales reports out of China and a general FOMO (fear of missing out) wave. Electrameccanica Vehicles (SOLO) is down 5.95% in premarket action. Shares are +292% YTD Ayro (AYRO) is 7.47% lower. Shares are +98% YTD GreenPower Motor Company (GP) is off 4.95%. Shares are +1618% YTD Arcimoto (FUV) is down 5.85%. Shares are +790% YTD Lordstown Motors (RIDE) is 3.29% lower Shares are up 175% YTD. Workhorse Group (WKHS) is showing a 6.71% drop. Shares are +800% YTD.Most of those names fell yesterday. Meanwhile, the China EV sector is being hit by reports that Beijing is looking to regulate the land purchases of some EV companies. China Evergrande New Energy Vehicle Group (EGRNF) fell 11% in Hong Kong earlier in the day. Li Auto
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Selling pressure in the EV sector following dizzying rally