From Nasdaq:

Electric vehicle stocks are having a rough start with Tesla dropping 3.3% and Fisker falling 12.3% due to consumer worries about high-cost purchases including cars and home improvement. If people are now hesitant to make high-cost purchases, then there’s less money for battery development and new vehicles, which is how QuantumScape makes its money. Consumer sentiment and interest rates drive the auto industry, and neither is trending in the right direction at this time. Additionally, YouTuber MKBHD called the Fisker Ocean the “worst car he’s ever reviewed,” stirring up additional problems for Fisker.



Read more: Why Tesla, Fisker, and QuantumScape Are Dropping Today