NIO - Tesla leads electric vehicle stocks lower as selling pressure picks up

Electric vehicle stocks are lower amid some broad selling pressure in the market that also includes tech names and cryptocurrencies. Tesla ([[TSLA]] -3.5%) continues to spin lower after posting some disappointing sales numbers for April in China and is taking down some EV startups along with it in early trading. Notable decliners include QuantumScape ([[QS]] -6.9%), Hyliion Holdings ([[HYLN]] -5.5%), Electrmeccanica ([[SOLO]] -5.6%), Workhorse Group ([[WKHS]] -4.0%), Blink Charging ([[BLNK]] -3.6%), Chargepoint Holdings ([[CHPT]] -3.9%), Fisker ([[FSR]] -3.2%), Canoo ([[GOEV]] -4.0%), Nikola ([[NKLA]] -3.2%), Ayro ([[AYRO]] -4.0%) and Greenpower Motor ([[GP]] -3.9%). Tesla has traded as low as $548.52 on the day. The Chinese EV stocks aren't being spared either, with Nio ([[NIO]] -2.7%), Xpeng ([[XPEV]] -4.2%) and Li Auto ([[LI]] -1.6%) all slumping. The downward pressure follows on what was a blistering rally for Lordstown Motor ([[RIDE]] -1.2%) yesterday and plenty of buzz over Ford's F electric F-150 event

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Tesla leads electric vehicle stocks lower as selling pressure picks up