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Electric vehicle stocks started off the week mostly in reverse as the Russia-Ukraine war headlines and COVID concerns in China continue to impact sentiment.
Electric Last Mile Solutions (ELMS -35.5%) is the biggest decliner in the EV sector after the company withdrew financial guidance and disclosed an SEC probe.
Chinese automakers Li Auto (LI -10.2%), XPeng (XPEV -6.7%) and Nio (NIO -4.5%) were also sharply lower on concerns that rising COVID cases in China could create more slowdowns in the supply chain.
Other EV stocks in reverse include Faraday Future Intelligent Electric (FFIE -9.7%), Rivian Automotive (RIVN -4.9%), FuelCell Energy (FCEL -4.9%), Lightning eMotors (ZEV -7.0%), Workhorse Group (WKHS -4.7%), REE Automotive (REE -5.8%) and TuSimple Holdings (TSP -5.5%). Meanwhile, Tesla (NASDAQ:TSLA) was flat in early trading after CEO Elon Musk warned again over the weekend on raw materials inflation.
It was not all red in the sector with Mullen Automotive (MULN +34.8%) rallying again amid the stock being one of the most mentioned on Stocktwits over the last week.
AEye (LIDR +8.9%), Wallbox (WBX +7.5%) and Tritium DCFC Limited (DCFC +1.5%) were other notable outperformers in early Monday trading.
FuelCell Energy (NASDAQ:FCEL) is on Seeking Alpha’s Catalyst Watch this week with an investor event on the calendar.
