Why Rivian hit an all-time low today:
- perfect storm:
- expensive;
- in tough times, investors want "return" (dividends)
- recession won't treat EVs well
- dire;
F-150 Lightning:
- new price hike (reported earlier); link here;
- the latest pricing increase – at least the third this year – comes as Ford attempts to expand production of the electric pickup to 150,000 units by next fall;
- the company earlier this week said it remains on track to do so, as it recently added a third shift of workers to a Michigan plant producing the vehicle.
- “Demand for this breakthrough vehicle is strong and continues to grow, we will continue to monitor pricing through the model year,” the spokeswoman said in the emailed statement.
- through the end of November, Ford had only sold 13,258 F-150 Lightnings.
Most EV companies had "down day" on the market today; on a day the market was otherwise up.
Tesla, link here:
Tesla stock fell another 8.8% on Thursday, yesterday, December 22, 2022, bringing its year-to-date losses to 64%.
With this decline, more than $800 billion in market capitalization has been erased from the electric carmaker. The current 69.7% drawdown from its most recent high reached in late 2021 is the largest in Tesla's corporate history.
And this slide has been good news to short-sellers.
Data from S3 Partners published Thursday showed that through Wednesday's close, Tesla was the year's most profitable short — or stock traders were betting against — with mark-to-market profits totaling $15.03 billion so far this year. And these figures don't reflect Thursday's decline.
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Nutcracker
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