FSR - Why Electric Vehicle (EV) and Related Stocks Got Crushed Today
2023-10-19 17:27:00 ET
Thursday was not the ideal day to be a shareholder in many companies in, and adjacent to, the electric vehicle (EV) segment of the auto industry.
Fisker (NYSE: FSR) investors would readily agree, as the stock tumbled by nearly 4%. Lithium-ion battery maker Microvast Holdings (NASDAQ: MVST) felt even more pain, vaulting 9% lower. Even Chinese EV flying-machines specialist EHang Holdings (NASDAQ: EH) wasn't spared, with its shares losing just shy of 4% of their value on the day. The culprit? The financial results of a certain big-time U.S. manufacturer.
That company, it probably goes without saying by now, was EV king Tesla (NASDAQ: TSLA) . After market hours on Wednesday, the pace-setting carmaker posted its latest set of quarterly results, which displeased a great many market players.
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Why Electric Vehicle (EV) and Related Stocks Got Crushed Today