Shares of electric-vehicle makers were suffering a broad selloff Tuesday, with sector leader Tesla Inc.’s stock falling toward a six-week low.
Tesla’s
TSLA,
stock dropped 0.9% in morning trading to put it on track for a third-straight loss and the lowest close since July 26.
The stock had dropped 1% on Monday after the sudden departure of Chief Financial Officer Zachary Kirkhorn. That, along with news of an investigation into steering problems, added to recent investor angst.
The stock has now tumbled 14.4% since the Texas-based EV giant reported second-quarter results following the July 19 close.
Opinion: Tesla loses an adult in the room with sudden departure of its CFO
Elsewhere, Nikola Corp.
NKLA,
shares sank 4%. They have plunged 32.2% since the Arizona-based EV maker slashed its 2023 guidance for revenue and truck deliveries on Aug. 4.
Meanwhile, the Global X Autonomous & Electric Vehicles exchange-traded fund
DRIV
took a 2% hit toward a five-week low. The ETF has slumped 6.9% amid a six-day losing streak, which started after it closed at a 16-month high of $27.76 on July 31.
Among other EV makers, shares of Workhorse Group Inc.
WKHS,
tumbled 8.1% toward a one-month low after the Ohio-based company reported a narrower-than-expected second-quarter loss but revenue that fell well short of forecasts, and after it slashed its full-year revenue guidance.
The EV-stock selloff wasn’t universal, however.
Rivian Automotive Inc.’s
RIVN,
stock edged up 0.7% to bounce off a three-week low, ahead of the California-based EV maker’s second-quarter results, which are due after Tuesday’s closing bell. The company has reported narrower-than-expected losses in the past five quarters but has missed revenue projections in the past three quarters.
Mullen Automotive Inc.
MULN,
shares climbed 3.1% after closing Monday at a five-week low, following the California-based EV maker’s announcement of a one-for-nine reverse stock split and a $25 million stock-repurchase program.
And Lucid Group Inc.’s
LCID,
stock rallied 5.4% after the California-based company reiterated its full-year production target but reported second-quarter revenue that missed forecasts.
Elsewhere, shares of Fisker Inc.
FSR,
fell 1.4% in the wake of the company’s bottom-line beat but revenue and production miss, reported last week. Shares of Lion Electric Co.
LEV,
were down 1.1%.
The sector’s weakness was also seen in shares of China-based EV makers, following data out of China showing that car sales dropped in July and that the nation’s exports fell more than expected.
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Li Auto Inc.’s
LI,
stock sank 11.1% in morning trading after closing the previous session at a record high. The pullback comes even after the Beijing-based EV maker reported second-quarter profit and revenue that rose above expectations.
Nio Inc.’s
NIO,
stock dropped 6.7% and XPeng Inc.’s
XPEV,
gave up 5.1%.
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