EV Stocks slipped in premarket trading.Tesla,Nio,Xpeng Motors and Li Auto fell between 0.5% and 2.8% while Lucid rose nearly 2% as BofA called Lucid the 'Tesla/Ferrari of New EV Automakers'.
Cathie Wood’s exchange-traded funds sold more Tesla Inc. shares, taking the total value of the electric vehicle maker’s stock they’ve offloaded this month to about $266 million.
XPeng launched its third production model, the P5 sedan. A lidar-equipped EV that starts at less than 160,00 Chinese renminbi, or less than $25,000.There are lower-priced EVs on the market, but not with lidar-enabled, advanced driver assistance systems and not with range of the P5.The stock isn’t reacting too positively to the announcement.
Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.