Shares of electric-vehicle makers fell to fresh lows Thursday, pulled down by a big selloff in sector leader Tesla Inc.’s stock after a disappointing earnings report.
Tesla’s stock TSLA, -8.18% tumbled 7.4% toward a two-month low after the EV giant missed third-quarter earnings expectations, and as Chief Executive Elon Musk tempered expectations for the much-anticipated Cybertruck. After slumped 4.8% on Wednesday ahead of earnings, the stock was on track for the biggest two-day decline — 11.9% — since it plunged 13% in the two days ended Dec. 27, 2022.
Among some of the more active EV maker stocks, Nikola Corp.’s NKLA, -5.45% sank 6.9% toward a five-week low, Lucid Group Inc.’s LCID, -4.30% lost 4.0% toward a record low, Mullen Automotive Inc.’s MULN, -22.03% plummeted 23.1% toward a record low and Rivian Automotive Inc.’s RIVN, -3.60% slid 3.7% toward a 3 1/2-month low.