Fisker is the latest electric vehicle maker to cut prices for its EVs. The stock is falling, as the move raises more questions about demand and pricing.
“It is essential that Fisker responds to competitive realities in the rapidly growing EV market,” CEO Henrik Fisker said in a news release. “We want our customers to have greater access to the Ocean and to be able to take advantage of its exciting combination of innovative features, striking design, sustainable materials, and class-leading range.”
Fisker stock is down 4.4% at $5.20 a share. The S&P 500 and Nasdaq Composite are down 0.7% and 1% respectively. The positive side of lower prices is demand growth has been maintained. U.S. EV sales hit about 313,000 units in the third quarter, up about 50% year over year. It’s come at the expense of profits though. Tesla reported a third-quarter operating profit margin of less than 8%, down almost 10 percentage points year over year.
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