{"id":2099677,"date":"2023-11-15T13:44:07","date_gmt":"2023-11-15T18:44:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-vehicle-makers-stock-price-tanks-to-all-time-low-after-painful-news\/"},"modified":"2023-11-15T13:48:11","modified_gmt":"2023-11-15T18:48:11","slug":"electric-vehicle-makers-stock-price-tanks-to-all-time-low-after-painful-news","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-vehicle-makers-stock-price-tanks-to-all-time-low-after-painful-news\/","title":{"rendered":"Electric Vehicle Maker&#8217;s Stock Price Tanks to All-Time Low After Painful News"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felectric-vehicle-makers-stock-price-tanks-to-all-time-low-after-painful-news%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2099677&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Electric Vehicle Maker&#8217;s Stock Price Tanks\u200b to All-Time Low\u200b After Painful News<\/h2>\n<p>Climate alarmists\u2019 dream of an electric vehicle-dominated world has devolved into a nightmare as several EV companies slash \u2064production targets amid the crippling inflation emblematic of Joe\u200c Biden\u2019s presidency.<\/p>\n<p>In the latest debacle, California-based Fisker \u2063Inc. cut \u200cits 2023 production forecast\u200b to 13,000 to 17,000 vehicles from its prior projection of \u200b20,000 to 23,000, <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/ev-maker-fisker-plunges-all-time-low-after-cutting-production-target-2023-11-14\/?taid=6553d2f58b31d40001a7c02e&#038;utm_campaign=trueAnthem:+Trending+Content&#038;utm_medium=trueAnthem&#038;utm_source=twitter\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> \u200d reported.<\/p>\n<p>The announcement caused Fisker\u200b stock to plunge more than 24 \u2063percent on\u2062 Tuesday to an all-time\u2062 low of $3.11 a share. The stock \u200dthen rallied a bit before closing at $3.34, down <a href=\"https:\/\/finance.yahoo.com\/quote\/FSR?p=FSR\" target=\"_blank\" rel=\"noopener\">18.9 percent<\/a> from Monday\u2019s \u200dclosing price of $4.12.<\/p>\n<p>This is a stark contrast to Fisker\u2019s all-time high stock price \u2064of $32, reached\u2062 in March 2021.<\/p>\n<p>The \u2064company\u2019s revised\u200c production estimates led\u2062 Wall\u200d Street analysts, including Barclays, \u200cEvercore and Cowen, to slash their price targets.<\/p>\n<p>\u201cThe median\u2064 price target\u200d of the 14 analysts covering the stock \u200dis $6.50, down from $8 a month ago,\u201d Reuters reported.<\/p>\n<p>CFRA Research analyst Garrett Nelson, who chopped his 12-month price target \u2063from $2 a share to \u2063$1, said \u200bFisker\u2019s production snag \u201craises major questions and is likely \u200bto add insult to\u2062 injury for \u200done of the market\u2019s most highly-shorted names.\u201d<\/p>\n<p>Fisker joins a growing \u200clegion of electric car makers \u2014 both large and small \u2014 that\u2062 are struggling\u2064 in today\u2019s crushing \u200ceconomic environment.<\/p>\n<p>On Tuesday, EV company <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/ev-maker-canoo-slashes-spending-second-half-2023-forecasts-smaller-loss-2023-11-14\/\" target=\"_blank\" rel=\"noopener\">Canoo<\/a> \u200dslashed its\u2064 spending plans for the second half \u200bof 2023\u2062 by more than 50 percent, \u2062citing a plunge in sales.<\/p>\n<p>Last week, \u200b <a href=\"https:\/\/electrek.co\/2023\/11\/07\/lucid-cuts-ev-production-target-operating-losses-widen-q3\/\" target=\"_blank\" rel=\"noopener\">Lucid Motors<\/a> cut its 2023 production goals after suffering losses in the third quarter.<\/p>\n<h3>Would you ever\u2062 purchase \u200dan\u2063 electric vehicle?<\/h3>\n<ul>\n<li>Yes<\/li>\n<li>No<\/li>\n<\/ul>\n<p>In October, <a href=\"https:\/\/www.westernjournal.com\/tesla-gm-ford-hit-brakes-electric-vehicle-production-come-painful-realization\/\" target=\"_blank\" rel=\"noopener\">General Motors<\/a> reduced its own production goals, citing dwindling demand.<\/p>\n<p>In September, <a href=\"https:\/\/www.westernjournal.com\/ford-lays-off-hundreds-workers-building-electric-f-150\/\">Ford<\/a> halted construction on a $3.5 billion <a href=\"https:\/\/www.automotivedive.com\/news\/ford-pause-construction-marshall-michigan-uaw-strike-biden\/694738\/\" target=\"_blank\" rel=\"noopener\">EV\u200d factory<\/a> in Michigan, citing \u200dconcerns \u200dthat it might not\u2064 be \u2064profitable.<\/p>\n<p>Morning Consult analyst Julia\u200b Martinez said EV \u2062demand is\u2063 muted\u2063 \u2014\u2062 despite federal\u200c tax \u200ccredits of up to $7,500 incentivizing purchases \u2014 because they\u2019re too expensive for most people, especially amid today\u2019s punishing inflation.<\/p>\n<p>\u201cWhile consumers still have plenty of concerns \u2064surrounding an \u2064EV\u2019s battery range,\u2063 price remains the higher priority when purchasing\u2062 an EV,\u201d Martinez wrote\u200c in a September <a href=\"https:\/\/pro.morningconsult.com\/analysis\/consumer-preferences-ev-features-price-safety\" target=\"_blank\" rel=\"noopener\">report<\/a>.<\/p>\n<p>\u201cMaking an expensive, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">long-term investment<\/a> by purchasing an EV, even with the help\u200c of a tax credit, is\u2063 still a major commitment in today\u2019s inflationary market.\u201d<\/p>\n<p>The EV\u200d industry has been \u200dplagued by countless, well-documented reports of:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.westernjournal.com\/video-shows-massive-line-electric-vehicles-waiting-charge-11-pm\/\" target=\"_blank\" rel=\"noopener\">Recharging nightmares<\/a>.<\/li>\n<li><a href=\"https:\/\/www.westernjournal.com\/journalists-hook-camper-115k-electric-hummer-can-make-123-miles-gets-worse\/\" target=\"_blank\" rel=\"noopener\">Limited towing\u200d capacity<\/a>.<\/li>\n<li><a href=\"https:\/\/www.westernjournal.com\/man-exposes-shocking-amount-electric-truck-driving-range-cut-cold-disaster\/\" target=\"_blank\" rel=\"noopener\">Cold-weather malfunctions<\/a>.<\/li>\n<li><a href=\"https:\/\/www.westernjournal.com\/americans-2nd-thoughts-leftist-ev-utopia-get-hot-stored-not-just-charging\/\" target=\"_blank\" rel=\"noopener\">Spontaneous battery fires<\/a>.<\/li>\n<\/ul>\n<p>There are \u2063many people who\u200c love their electric cars. That\u2019s \u2062great, but the federal government should not\u200d intentionally destroy the oil industry and erode U.S. energy independence\u2063 to force Americans to switch to EVs.<\/p>\n<p>Biden has repeatedly vowed\u2063 to transition the U.S. away from oil in favor of so-called green\u2062 energy alternatives\u2063 that supposedly combat\u200d \u201c<a href=\"https:\/\/www.westernjournal.com\/america-next-irish-farmers-face-killing-41000-healthy-cows-regulations-fight-climate-change\/\" target=\"_blank\" rel=\"noopener\">climate change<\/a>.\u201d<\/p>\n<p>However, the market <a href=\"https:\/\/www.westernjournal.com\/toyota-chairman-hesitant-embrace-electric-vehicles-says-people-finally-seeing-reality\/\" target=\"_blank\" rel=\"noopener\">has spoken<\/a>, and the message is clear: EVs are not <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-vehicle-makers-stock-price-tanks-to-all-time-low-after-painful-news\/\" title=\"Electric Vehicle Maker's Stock Price Tanks to All-Time Low After Painful News\">replacing gas-powered cars anytime<\/a> soon.<\/p>\n<hr>\n<div class=\"author_subscription_pitch\">.author_subscription_pitch p{margin:5px;}<\/p>\n<p><em><b>A Note from Our Founder:<\/b><\/em><\/p>\n<p><em><span style=\"font-weight: 400\"> <\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">Every morning, we at The Western Journal wake up and pursue our mission of \u200cgiving you the important information you need\u200c about what\u2019s happening in America.<\/span><\/em><\/p>\n<\/p>\n<p><em><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><b>We \u2062can\u2019t do that\u200b without your help<\/b><\/a><b>.<\/b><\/em><\/p>\n<p><em><span style=\"font-weight: 400\"> <\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">America\u2063 has been on the receiving \u200dend of false narratives. The purpose \u2062of\u2064 these false narratives is to make you feel powerless. The Western Journal empowers you by breaking these false narratives.<\/span><\/em><\/p>\n<\/p>\n<p><em><span style=\"font-weight: 400\">But I wouldn\u2019t \u2064be honest with you today if I didn\u2019t let you \u2064know that the future of The Western Journal is in jeopardy<\/span> <a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><span style=\"font-weight: 400\">without\u200c your help<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\"> <\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">Silicon\u2064 Valley and the \u200cBig\u200c Tech tyrants have done everything they \u2062can to put \u2063The Western Journal out of business. Our faithful donors and subscribers have kept us going.<\/span><\/em><\/p>\n<\/p>\n<p><em><span style=\"font-weight: 400\">If\u200c you\u2019ve \u200dnever chosen to donate, let me be honest:<\/span> <a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><span style=\"font-weight: 400\">We\u2063 need your help today<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/em><\/p>\n<\/p>\n<p><em><span style=\"font-weight: 400\">Please don\u2019t \u200cwait \u2062one minute.<\/span> <a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><span style=\"font-weight: 400\">Donate right now<\/span><\/a><span style=\"font-weight: 400\">  \u200d\u2013 our situation in America is dire. If you \u200cwould rather <\/span><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><span style=\"font-weight: 400\">become a \u2064WJ member<\/span><\/a><span style=\"font-weight: 400\">  outright, we would welcome that too.\u00a0 Our country hangs by a thread, \u200dand \u2062The Western Journal stands for truth in this difficult time.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\"> <\/span><\/em><\/p>\n<p><em><b>Please stand with us by\u2062 donating today.<\/b><\/em><\/p>\n<p><em><b><br \/>\n<\/b><span style=\"font-weight: 400\">Floyd G. \u2064Brown<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">Founder\u200d of The Western Journal<\/span><\/em><\/p>\n<\/div>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/electric-vehicle-makers-stock-price-tanks-time-low-painful-news\/\">Electric Vehicle Maker&#8217;s Stock Price Tanks\u200b to All-Time Low After Painful\u2063 News<\/a> \u200b appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n<p> <\/p>\n<h2> How has\u2064 the recent surge in\u2063 inflation affected the profitability and production targets of electric vehicle manufacturers?<\/h2>\n<p><span>  Seen as too expensive, have limited range, and lack sufficient charging infrastructure.\u200b She also noted that the high price of EVs compared to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/insane-states-slam-new-emissions-deal-struck-by-california-and-truck-manufacturers\/\" title=\"States criticize California and truck manufacturers' new emissions deal as 'insane'.\">traditional gas-powered vehicles<\/a> is a major deterrent for many consumers.<\/p>\n<p>Furthermore, the recent surge\u200c in \u200binflation has only exacerbated the challenges facing the EV industry. The soaring \u2063prices of raw materials, such as lithium and cobalt, which are essential \u200dcomponents of electric vehicle batteries, have put additional strain on EV manufacturers&#8217; profitability and ability to \u200dmeet production targets.<\/p>\n<p>The Biden administration&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-gets-more-bad-news-that-would-dramatically-weaken-his-3-5-trillion-social-spending-bill\/\" title=\"Biden Gets More Bad News That \u2018Would Dramatically Weaken\u2019 His .5 Trillion Social Spending Bill\">ambitious climate agenda<\/a>, which\u200d heavily promotes the transition to electric vehicles, has also faced significant setbacks. The\u200c promise of a \u2062green future dominated\u200c by electric vehicles seems increasingly distant as companies struggle \u2064to meet demand and \u200ddeliver\u200c on their projections.<\/p>\n<p>The stock price downturn of electric vehicle makers, such \u200bas Fisker and Canoo, reflects the growing concerns and\u200c challenges facing the industry. Investors and analysts are revising their price targets, signaling a lack of confidence in the ability \u200bof these companies to\u2062 navigate the current economic and market conditions.<\/p>\n<p>Despite\u200d these setbacks, it is worth noting that electric vehicles still have significant potential. Many major automakers, including Tesla, General Motors, \u200dand Ford, continue to invest heavily in EV production\u2062 and development. Governments around the\u200b world are also implementing policies and regulations to encourage the adoption of electric vehicles and expand charging infrastructure.<\/p>\n<p>However, the recent struggles of various EV companies \u200dhighlight the need for a realistic \u2064and sustainable approach to the transition to electric vehicles. It is crucial \u2064for companies to carefully manage\u2063 their production targets, ensure the availability of\u200d necessary resources, and address \u2063the concerns of consumers, including affordability, range anxiety, and charging infrastructure.<\/p>\n<p>Overall, the electric vehicle\u200d industry is at a\u200d crucial crossroads. While the recent stock price plunge and production cuts are certainly setbacks, they also provide an opportunity \u200bfor reflection and a reevaluation of strategies. It is\u200d essential\u2062 for the industry to address the challenges at hand and work towards creating a sustainable and successful future for electric vehicles.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Climate alarmists\u2019 dream of an electric vehicle-dominated world has devolved into a nightmare as several EV companies slash production targets amid the crippling inflation emblematic of Joe Biden\u2019s presidency. In the latest debacle, California-based Fisker Inc. cut its 2023 production forecast to 13,000 to 17,000 vehicles from its prior projection of 20,000 to 23,000, Reuters<\/p>\n","protected":false},"author":2011,"featured_media":2099678,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2099677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2099677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2099677"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2099677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2099678"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2099677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2099677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2099677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}