EV Stocks Decline Amid Fading Demand and Market Challenges

Tesla's first quarterly sales drop since 2020 highlights growing competition and broader concerns in the electric vehicle industry.

Electric vehicle (EV) stocks, including Tesla, Rivian, and Lucid, fell after disappointing first-quarter delivery numbers, indicating fading demand.
Tesla's first quarterly sales drop since the pandemic began in 2020 raises concerns about its market dominance, with competitors reporting sales increases.
High interest rates and a lack of charging infrastructure contribute to slowing EV growth, with overall US auto sales up but EV market share slightly declining.
Toyota's EV sales in the US lag behind competitors, with its sole electric model, the bZ4X, accounting for a minor fraction of its total sales.
Analysts suggest the EV industry may continue to struggle in 2024 unless significant improvements are made to technology, vehicle ranges, charging networks, or interest rates drop.