BYDDY - Why Rivian Was the 1 EV Stock That Didn't Drop This Week
2024-03-08 17:55:43 ET
Electric vehicle stocks had a terrible week across the board as the price war that's been building around the world took another step in China. BYD (OTC: BYDDY) (OTC: BYDD.F) lowered prices for its EVs again, and Tesla (NASDAQ: TSLA) followed the move with nearly $5,000 in incentives for its vehicles. It was hard to make money in EVs before, and now it's becoming nearly impossible.
Shares of Li Auto (NASDAQ: LI) dropped as much as 17% this week and closed the week down 16.4%, according to data provided by S&P Global Market Intelligence . Fisker (NYSE: FSR) fell 20.8% and closed at the low for the week while Rivian (NASDAQ: RIVN) was up as much as 20.2% and closed up 12.4% for the week.
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Why Rivian Was the 1 EV Stock That Didn't Drop This Week