Call it bad timing as the stock split took place just before the Fed’s annual Jackson Hole Symposium, but Tesla (NASDAQ:TSLA) had little fanfare for its recent 3 for 1 stock split. In fact, shares of Tesla closed lower two days after the split went into action, a stark contrast to the stock’s last split in August of 2020.
The move comes at an interesting time for electric vehicle makers. Many are turning bearish on the industry due to some upcoming economic and supply chain headwinds. Companies like Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN) have had to revise production estimates. Others like Ford (NYSE:F) are raising prices on their electric vehicles in an attempt to battle rising costs.
Then you have a company like iQSTEL (OTC:IQST) which is taking this period of uncertainty as a time to jump into the EV industry headfirst. Previously, iQSTEL made electric motorbikes under its EVOSS subsidiary. Now, iQSTEL is going all in and creating its first mass market electric car which will be targeting markets in Latin America, Europe, and Africa. The decision speaks volumes to how iQSTEL’s management feels about the position of the company currently. iQSTEL anticipates having these first cars ready for consumers by the first half of 2023.
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