EV stocks slump on demand worries after Ford cuts prices on electric pickup truck

12/04/2024

Investing.com — Electric vehicle stocks fell sharply Thursday as Ford (NYSE:F) slashed the prices on various models of its F-150 Lightning electric pickup truck, stoking fresh worries about waning demand and margin pressures for EV makers.

Ford cut the price of various F-150 models including the XLT, Lariat, and Flash, with the latter’s price cut by as much as $5,500.

With the exception of Tesla (NASDAQ:TSLA), the price cut sparked a wave of selling pressure across EV stocks, with Nio Inc Class A ADR (NYSE:NIO), Nikola Corp (NASDAQ:NKLA), Li Auto Inc (NASDAQ:LI), Rivian Automotive Inc (NASDAQ:RIVN), Lucid Group Inc (NASDAQ:LCID) trading lower.

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