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EV stocks tumble following Tesla’s Q3 earnings and Musk’s cautious outlook

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Electric vehicle (EV) stocks, including Tesla (NASDAQ:), Nikola (NASDAQ:) Corp., Lucid Group Inc. (NASDAQ:), Mullen Automotive Inc. (NASDAQ:), and Rivian (NASDAQ:) Automotive Inc., experienced a general downtrend on Thursday. This was triggered by Tesla’s underwhelming third-quarter earnings and CEO Elon Musk’s cautious outlook on the forthcoming Cybertruck launch.

Tesla’s stock hit a two-month low, stirring concerns about possible price reductions in a challenging macro environment characterized by high interest rates. This observation was made by Wedbush analyst Dan Ives.

The fallout from Tesla’s earnings report led to a slump in the Global X Autonomous & Electric Vehicle ETF and a slight easing of .

China-based EV competitors Nio (NYSE:) Inc., XPeng Inc (NYSE:)., and Li Auto (NASDAQ:) Inc. trended towards four-month lows. In addition, Lucid Group and Mullen Automotive reached record lows, while Nikola Corp . fell to a five-week low.

Despite the overall sector downtrend, there were mixed results among other EV manufacturers. Fisker Inc. (NYSE:), and VinFast Auto Ltd. (NASDAQ:) saw declines, but Workhorse Group Inc.’s stock bucked the trend with an increase.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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