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This Is Disastrous News for EV Stocks

Tesla is cutting prices again in China, and it looks like there's no end in sight to the EV price war.

By Travis Hoium – Mar 5, 2024 at 7:58AM EST

Tesla (TSLA 0.88%) has been in an ongoing battle with Chinese competitors on one end and an oversupplied electric vehicle (EV) market on the other. The impact on the company has been falling sale prices and, ultimately, declining margins.

This week's news that Tesla has cut prices again is not only bad for Tesla but also disastrous news for some smaller EV companies that once had high hopes.

*Stock prices used were end-of-day prices of March 4, 2024. The video was published on March 4, 2024.

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About the Author

Travis Hoium
Travis Hoium is a contributing Motley Fool stock market analyst covering solar energy, technology, and growth stocks. Before The Motley Fool, Travis was a mechanical engineer at 3M and founded a virtual reality company. He holds a bachelor’s degree in mechanical engineering and a master’s degree in business administration from the University of Minnesota.
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Travis Hoium has positions in General Motors. The Motley Fool has positions in and recommends BYD and 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.

Stocks Mentioned

Tesla Stock Quote
Tesla
NASDAQ: TSLA
$391.54
(-0.88%)-$3.47
BYD Company Stock Quote
BYD Company
OTC: BYDDY
$12.28
(-0.89%)-$0.11
Lucid Group Stock Quote
Lucid Group
NASDAQ: LCID
$9.90
(+0.61%)+$0.06
Rivian Automotive Stock Quote
Rivian Automotive
NASDAQ: RIVN
$14.87
(-2.84%)-$0.44

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

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