Electric vehicle stocks fell again on Friday as investors continue to display risk-off trading in the inflation-laden, high interest rate macro backdrop.
Other factors include Morgan Stanley warning early in the trading session that automobile sector earnings estimates for 2023 need to be slashed and worries that the upcoming Communist Party meeting in China could include some trade rhetoric.
There may also be some jitters over Tesla's (TSLA) earnings report next week after the electric vehicle giant disappointed with its deliveries tally for the quarter.
Notable decliners include Arrival (ARVL) -11.1%, Rivian Automotive (NASDAQ:RIVN) -9.2%, AEye (LIDR) -8.6%, Hyzon Motors (HYZN) -8.2%, Lucid Group (LCID) -5.8%, QuantumScape (QS) -5.7%, and Nio (NIO) -5.7%.
Tesla (TSLA) is also in reverse with a 5.6% decline.