NIO - Why Tesla Made Nio Nikola and Lucid Stocks Drop Today
2023-03-07 12:41:28 ET
All across the electric vehicle industry , share prices are sliding on Tuesday, and there's just one reason: Tesla (NASDAQ: TSLA) .
At 11:30 a.m. ET, shares of luxury electric-car makers Nio (NYSE: NIO) and Lucid Group (NASDAQ: LCID) are down 3.3% and 4.5%, respectively, while Nikola Corporation (NASDAQ: NKLA) , a potential competitor to Tesla in electric long-haul tractor-trailer trucks, skidded 3.4% lower.
What do these three stocks have in common? Broadly speaking, they're all EV stocks, and as such, when these companies are driving down the road of commerce, they all have to keep one eye on what Tesla is doing. With plans to grow its production of electric vehicles 37% this year, to 1.8 million EVs, you see, Tesla is the proverbial 800-lb. gorilla of the EV industry -- and right now, it seems intent on throwing its weight around.
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Why Tesla Made Nio, Nikola, and Lucid Stocks Drop Today