EV stocks fall after Tesla cuts prices

Faraday Future Intelligent Electric

22/04/2024 14:58

(Updates)
    ** Shares of EV stocks fall in premarket trade after Tesla
 TSLA.O  cuts prices for its EVs in major global markets
including United States
    ** TSLA down 3% at $142.63
    ** Following suit, Chinese automaker Li Auto  2015.HK 
 LI.O  cuts prices by around 5% on four of its five models; says
it will refund owners who bought those models earlier 
    ** U.S.-listed shares of Li Auto  LI.O  down 5.8%, Nio
 NIO.N  down 2.9%, Xpeng  XPEV.N  down 3.3% 
    ** TSLA has been in a price war with peers as co grapples
with falling sales 
    ** TSLA headed for the seventh consecutive session of
decline, if losses hold 
    ** TSLA's stock lost 43% in market value in 2024

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com;))