From Top to Bottom, Investors Are Pulling the Plug on EV Stocks. Tesla (TSLA) Trades Down on Layoffs, Fisker (FSRN) Remains Uncharged
Today, electric vehicle giant, Tesla, Inc. (TSLA) has made headlines as it announced its plans to lay off about 10% of its global workforce in an attempt to cut costs. In its recent quarterly production report, sales fell nearly 9%, which is the highest reduction it’s seen in 4 years. Additionally, the company has been slashing prices upwards of $20k on some of its models as competition has increased and demand has slowed. To add to Tesla’s workforce reduction, today two of its senior executives announced their voluntary departure from the company as Sr. VP of Powertrain and Energy Engineering, Andrew Baglino and Sr. Global Director of Public Policy, Rohan Patel will be leaving.
Troubled penny stock Fisker Inc. (FSRN) who now trades on the OTC, is hanging on by a wire. Despite announcing positive news today, as the company signed a new dealer partnership in Miami and added new dealer partners in Europe, its share price sits around 2 cents and has fallen out of the PRISM EV Index. Additionally, the company has lowered its MSRP on many model year 2023 Fisker Oceans in the US, slashing some prices by almost double.
As the EV struggles continue it will be interesting to see how things play out or transform in this sector…
