TSLA - Why Investors Slammed the Brakes on Electric Vehicle and Related Stocks Monday
2024-04-15 18:39:37 ET
In the still-developing electric vehicle (EV) industry, what happens to its leading company tends to affect every other manufacturer and supplier. That's why some troubling news from the No. 1 EV maker almost immediately filtered down into the rest of the sector Monday, impacting the prices of fellow manufacturers and associated companies alike.
Up-and-coming Asian EV maker VinFast (NASDAQ: VFS) , for example, saw its share price decelerate sharply by over 9% on the day. Next-generation EV battery developer QuantumScape (NYSE: QS) also took it on the chin, with its market value eroding by almost 7%. Its fellow power pack specialist, Freyr Battery (NYSE: FREY) , managed to escape significant collateral damage, but its stock's flat performance on the day wasn't inspiring.
No prizes for guessing which major EV company was the bearer of the bad news. It was Tesla (NASDAQ: TSLA) , of course.
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Why Investors Slammed the Brakes on Electric Vehicle and Related Stocks Monday