From Nasdaq: 2024-04-02 20:48:00

Electric vehicle (EV) stocks, including Tesla (NASDAQ: TSLA) and Rivian (NASDAQ: RIVN), took a hit after reporting disappointing first-quarter delivery numbers. Tesla’s production and delivery figures were down, signaling weakening demand in the EV market. Rivian also missed production estimates but fared better in deliveries. Lucid (NASDAQ: LCID) dropped 3.5% as well.

Tesla struggled with production and delivery challenges in the first quarter, citing parts shortages and power outages. Rivian reported lower production numbers compared to estimates but met delivery expectations. Lucid’s first-quarter delivery report is anticipated to disappoint given their weaker market position and financial state. EV stocks are likely to face challenges in 2024.

Tesla’s recent price increases suggest a shift towards profit focus as opposed to price wars. The EV industry may not recover until technology costs decrease or if interest rates fall significantly. In the meantime, EV stocks are expected to struggle in the market until conditions improve.

The Motley Fool recently listed Tesla among the 10 best stocks for investors. With uncertain market conditions and a challenging road ahead for EV stocks, investors should closely monitor industry developments for potential opportunities. Tesla made the list of recommended stocks, indicating potential growth despite current market challenges.



Read more at Nasdaq: Why EV Stocks Tesla, Rivian, and Lucid All Fell Today