CVNA - Why Auto Stocks Dropped Like a Rock Today
High-growth companies in the auto space had a great run during the pandemic, but that's quickly crashing back to reality as interest rates rise and auto sales slow in 2023 . Today was no different as electric vehicle (EV) stocks cratered and so did auto retailers.
Three of the biggest movers were Canoo (NASDAQ: GOEV) , Hyzon Motors (NASDAQ: HYZN) , and Carvana (NYSE: CVNA) , which dropped as much as 8.3%, 9.9%, and 13.7% respectively.
The auto market went through a major speculative bubble from 2020 to 2022 and now it's time for companies to show they can build a sustainable business. The rubber is hitting the road, if you will.
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Why Auto Stocks Dropped Like a Rock Today