Why EV Manufacturers Have Slashed Prices -- March 17, 2023

Link here.

From the linked article:

The global electric vehicle (EV) market is reeling from one of the most dramatic collapses in monthly sales to date, with Rystad Energy research showing that only 672,000 units were sold in January, almost half of December 2022 sales and a mere 3% year-on-year increase over January 2022. The EV market share among all passenger car sales also tumbled to 14% in January, well down on the 23% seen in December.

EV sales have been on a relatively consistent upward trajectory in recent years – aside from periods impacted by Covid-19 pandemic-related supply chain issues – and a significant collapse in sales is worrying news for the industry. Tax credits and government subsidies have propped up the EV market to date as countries identify passenger car fleet electrification as a core tactic for meeting net-zero emissions goals, but the reduction or removal of these subsidies this year has dampened consumer sentiment.

Automakers are now scrambling to reverse the downward spiral and salvage the market in 2023.

EVs today:

• Lordstown (RIDE): down 4.2%. Trading at 74 cents.
  
• Nikola (NKLA): down 3%. Trading at $1.70.
  
• ARVL: down 5%. Trading at 15 cents.
  
• LCID: down a whopping 4.3%. Trading at $7.50.
  
• RIVN: down 3.4%. Trading at $13.01.
• FSR: down 3%. Trading at $5.85.
• GOEV: down 1%. Trading at 58 cents.
• F: down a whopping 5.4%. Flirting with $11.
  

RIDE: not safe. It's the end of the road for RIDE.

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Again, all my posts are done quickly. There will be typographical and content errors in all my posts. If any of my posts are important to you, go to the source.