Concerns that the US economy will fall into a recession have led to a sharp drop in the number of electric vehicles in the US. It seems that if the US economy falls into a recession, sales of electric vehicles will inevitably decline.
On the 12th (local time) on the New York Stock Exchange, Tesla fell 3.35%, Nikola 8.86%, Rivian 3.73%, and Lucid 3.90% respectively.
Tesla recorded $ 180.54, down 3.35% from the previous trading day.
The U.S. stock market rose all at once on the same day as the consumer price index (CPI) fell below market expectations last month.
However, in the minutes of the Open Market Committee (FOMC) meeting released in March, news that the Fed was concerned about an economic recession became known, and it reversed all at once and eventually ended lower.
In the minutes of the meeting, Fed officials worried that the financial crisis could send the US economy into a weak but recession later this year.
As news like this became known, the US stock market turned downward at once, and eventually the Dow ended up 0.11%, the S&P 500 0.41%, and the Nasdaq 0.85% each. Nasdaq, in particular, fell sharply.
In particular, the news that sales of electric vehicles are surging, but sales of Tesla are relatively slowing down due to intensifying competition also contributed to the decline of Tesla that day. It is known that Tesla’s electric car market share has fallen from 72% last year to 58%.
Yahoo Finance, an American economic portal, reported that Tesla’s dominance in the electric vehicle market is decreasing due to Hyundai’s fierce pursuit.
As fears of a recession in the US stock market arose, electric vehicles other than Tesla also plunged.
Nikola plunged 8.86% to $0.99, Rivian plunged 3.73% to $14.19, and Lucid plunged 3.90% to $8.13, respectively.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.