To The Moon

Following the disappointing earnings results of $Tesla Motors(TSLA)$ , stock of the electric vehicle industry leader plunged 15% this week, while shares of other EV makers also fell in sympathy. Tesla's revenue and earnings have both failed to make the mark, as they fell below market's expectations. Tesla has ignited a price war in the EV market, only to find its peers the likes of $XPeng Inc.(XPEV)$ and $NIO Inc.(NIO)$ making similar moves to defend their market shares, hence resulting in a failure to boost sales but instead shrunken profit margins and lose-lose for every EV maker.

TSLA has also been falling behind schedule with its Cybertruck rollout, while its competitor $Rivian Automotive, Inc.(RIVN)$  has gained much headway and delivered its 10,000th electric delivery vans to its key customer and major shareholder Amazon recently, and has planned to deliver at least 100,000 such vans to the e-commerce giant by 2030.

Rising geopolitical tensions, escalating crude oil prices, sticky inflation, higher-for-longer interest rates and record-setting treasury yields have been threatening to tip the global economy into a recession or even stagflation. Slowing demands for EV and higher borrowing costs have been weighing on these EV makers and depressing their valuations. With the next Fed meeting around the corner, their share prices may be subdued, as investors await the outcome on the Fed's next monetary policy and its outlook on the economy.

Nevertheless, $Faraday Future Intelligent Electric Inc.(FFIE)$  that has been the most severely sold off in recent months amidst its financial distress may find some support as its management embarks on measures to protect its shareholders' interests and improve its profitability. With its share price near record low, even though low may become lower, its risk/reward is increasingly looking attractive to traders looking for surprises on the upside.

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