The electric vehicle industry continues to be one of the hardest-hit sectors during this bear market. Why is this? Part of it has to do with macroeconomics and rising interest rates. Growth companies are the biggest losers when interest rates are hiked and electric vehicle makers are the definition of speculative growth stocks.
Last week, industry leader Tesla (NASDAQ: TSLA) reported its earnings for the third quarter with mixed results. While the company beat on earnings it missed on quarterly revenue, perhaps an allusion to the earlier miss on deliveries for the quarter as well. While shares of TSLA tanked, CEO Elon Musk’s insistence that EV demand continues to grow for Tesla was a positive sign for all other EV stocks.
Companies like Nio (NYSE: NIO) and BYD (OTC: BYDDY) continue to dominate China and are moving into European markets as well. Newer startups like Rivian (NASDAQ: RIVN), Lucid (NASDAQ: LCID), and iQSTEL (OTC: IQST) also stand to gain. iQSTEL in particular can use this good news to find momentum as it prepares to produce its first electric car later this year. Growing demand shows that there is still plenty of market share up for grabs, especially for mass-market models which iQSTEL is focusing on.
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