Shares of Ford were down about 5% in morning trade. Rival General Motors also fell about 3%, while EV maker Rivian was down about 3.8%. Tesla's shares were up 1.8% after the company built its first Cybertruck at its Austin plant.
The move comes amid a price war started by Tesla a few months ago, which has seen the EVs of legacy automakers piling up at dealers as sales slow. In the quarter through June, Ford's EV sales fell 2.8%. Battery raw material prices have been one of the factors that pushed up EV prices. But prices of cobalt and lithium, crucial for EV batteries, have declined.
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Source: technavemy - 🏆 6. / 68 Read more »