Electric Vehicle Stocks Experience Deeper Decline During Overall Market Downturn

U.S.-listed electric vehicle (EV) stocks are declining following a weak U.S. jobs report on Friday. Dow Jones, S&P 500, and Nasdaq-100 futures are falling. Tesla and Ford stocks decreased last week. EV startups like Rivian and Lucid also saw declines. Ford reported a second-quarter operating profit decrease. Polestar hit a new all-time low due to financial issues. Nio’s stock also declined recently. Nio will deliver vehicles under its sub-brand Onvo soon. XPeng and Zeekr, Chinese EV manufacturers, also saw stock declines. Investors see potential in Nio’s upcoming deliveries. XPeng is preparing to deliver a new model. Zeekr had the steepest declines among peers.