From Nasdaq: 2024-04-15 18:39:37

Troubling news from Tesla impacts entire EV sector

Following Tesla’s announcement of large-scale layoffs, other EV manufacturers and suppliers like VinFast, QuantumScape, and Freyr Battery saw stock price declines. The news, based on an internal memo from CEO Elon Musk, triggered investor concern about the EV industry as a whole.

Tesla executive resigns amid sales and competition challenges

High-ranking Tesla executive Drew Baglino announced his resignation, adding to challenges faced by the company. Slowing EV sales growth, increased competition, and lower delivery figures have impacted Tesla and the wider sector. Investors hope for positive news ahead to boost the industry outlook.

Considerations before investing in VinFast Auto Ltd.

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Disclosure: Author Eric Volkman has no position in mentioned stocks. The Motley Fool has positions in and recommends Tesla. Please note that the author’s views do not necessarily reflect those of Nasdaq, Inc.

Read more at Nasdaq: Why Investors Slammed the Brakes on Electric Vehicle and Related Stocks Monday