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Almost Every EV Stock is Down After Q1 2024
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While the S&P 500 index climbed over 10% in Q1 2024, the majority of EV stocks declined by double digit percentages over the period.
This is surprising, given that EVs were once the hottest trend in tech (before artificial intelligence came around).
In this graphic, we’ve visualized the Q1 2024 performance of 10 prominent pure play EV companies. Pure play in this context means companies that only focus on electric vehicles.
EV Stock Performance
The data we used to create this graphic can be found in the table below. Note the two biggest outliers: Nikola (+24.9%) and Fisker (-98.7%).
| Company | Q1 Price Change (%) |
|---|---|
| Nikola | +24.9 |
| Li Auto | -12.5 |
| Tesla | -29.2 |
| VinFast | -29.5 |
| Polestar | -30.3 |
| Lucid | -31.3 |
| XPeng | -45.3 |
| Nio | -46.6 |
| Rivian | -48.1 |
| Fisker | -98.7 |
The majority of EV stocks have fallen due to slowing demand in major markets like the U.S. and China. This is a serious problem for startups like Rivian and Lucid, which are not yet profitable.
In fact, legacy automakers like Ford are looking to expand production of hybrid vehicles, which is likely causing many investors to avoid pure EV stocks.
Two Outliers Emerge
Nikola shares have rallied in recent weeks as the company reported positive momentum in its hydrogen fuel cell truck business. The company also opened its first hydrogen refueling station in Southern California, and has five more in the works.
On the flipside, Fisker Inc. has struggled enormously, even being delisted from the NYSE in late March 2024. Fisker Inc. is the successor to Fisker Automotive, which went bankrupt in 2013. Fisker Automotive was known for producing the Karma, a luxury EV sedan that competed with the Tesla Model S.
Back to today’s Fisker, the company is once again in hot water. Over 40,000 customers have cancelled reservations for the company’s “Ocean” electric SUV, which is currently under investigation for door malfunctions.
Other Major EV Developments
In other news, Tesla is once again the world’s best-selling EV company, after outselling China’s BYD by 87,000 units in Q1 2024.
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