Toronto, Ontario — The first few weeks of 2024 have brought major losses for some electric vehicle stocks, like Tesla, Rivian and Fisker.
Tesla stock has dropped more than 14 percent since the start of 2024. Analysts believe the plunge is largely driven by rental car company Hertz’s decision to pull 20,000 Tesla models from its U.S. fleet.
The company’s reasoning–that running EVs is more expensive than ICE vehicles–has sent shockwaves across other electric stocks. Fisker is down more than 50 percent from Jan. 1, 2024; Rivian is down more than 25 percent from the start of the year.
Tesla could see share prices rise this week with the release of its new self-driving program, which began rolling out to Tesla owners on Sunday night.
As of Monday morning, shares of Tesla traded at US$212.19 per share.
Shares of Rivian traded at US$15.48 per share; Fisker, US$0.79 per share.
