Finding the next Tesla among electric vehicle stocks is proving to be difficult.
A number of upstart electric vehicle makers' stock prices soared in recent years, as investors looked for the next company to shake up the car market. But all have struggled recently -- as has Tesla itself. Lucid, which started trading on the Nasdaq in July after a SPAC deal, had its share of good news: Its first car, the Lucid Air, won MotorTrend Car of the Year honors and was certified as having a range of 520 miles on a single charge, the longest of any EV.
"For incremental demand in 2022 and beyond, the EVs tax credits is a 15% swing factor in demand."But much of the decline in EV stocks took place before Sen. Joe Manchin said last week he couldn't support the legislation, throwing its future in severe doubt.Much of the dip is due to continued announcements from established automakers such as Volkswagen, Toyota, Ford and GM about additional investment plans in EVs.
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