ICYMI: Motor Mouth: Why EV stocks are absolutely tanking. “Experts” say Tesla, Rivian, and Canoo sell stories, not cars—they’re still subject to market forces anyway. EV autonews autoindustry electricvehicle
The news gets even worse if you have money in Canoo which means that, if they were a family of four, they’d be learning to enjoy the delicate bouquet of cat food in the not so distant future. Throw in heavy-duty truck-maker Nikola which, at todays’ US$6.11, is some
, poised to decimate legacy automakers, who were very much, if you remember the headlines, yesterday’s news.Article contentPhoto by Canoo The fact remains that Tesla — and all its pretenders — are still automakers and, despite the abundance of superchips and the “miracle” of Autopilot, their products still sport the same four tires and steering wheel that cars have for more than a century now. More importantly, they are the second-largest expense on most consumers’ spreadsheets, which makes them exceedingly cost- — that should be read “interest rate-” — sensitive.Article contentDoubly so, in fact.
Thus do Tesla and pretenders to its throne seem to be at the mercy not only of tech stocks’ traditional boom-or-bust cycle — which seem to rise and fall with the abundance, or lack thereof, of free money — but they’re also in the crosshairs of the traditional interest-rate fluctuations in housing costs and auto financing.
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