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Profits are going down in EVs while they're going up for ICE vehicles.
Tesla (TSLA 0.49%) is cutting prices and margins are falling while EV competitors are facing challenges. As the EV market becomes more uncertain, legacy automakers are reporting higher profits, which in this video Travis Hoium says bodes well for their value over the long term.
*Stock prices used were end-of-day prices of July 28, 2023. The video was published on July 31, 2023.
Travis Hoium has positions in General Motors. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends General Motors and recommends the following options: long January 2025 $25 calls on General Motors. The Motley Fool has a disclosure policy. Travis Hoium is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
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