Automotive Stocks Like Lucid And Peers Are Trading Lower On Monday - What's Going On?
Portfolio Pulse from Anusuya Lahiri
Automotive stocks, including Canoo Inc (NASDAQ:GOEV), Lucid Group, Inc (NASDAQ:LCID), Polestar Automotive Holding UK (NASDAQ:PSNY), VinFast Auto (NASDAQ:VFS), and Workhorse Group, Inc (NASDAQ:WKHS), are trading lower due to China's slower-than-expected second-quarter economic growth. The Chinese economy grew by 4.7%, missing the 5.1% forecast, leading to cautious consumer spending and price cuts in various sectors.
July 15, 2024 | 5:16 pm
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NEGATIVE IMPACT
Canoo Inc (NASDAQ:GOEV) is trading lower due to China's slower-than-expected economic growth, which has led to cautious consumer spending and price cuts.
Canoo Inc is affected by the broader trend of reduced consumer spending and economic slowdown in China, which impacts the automotive sector.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Lucid Group, Inc (NASDAQ:LCID) is down 13.30% due to China's economic slowdown, which has led to cautious consumer spending and price cuts.
Lucid Group is significantly impacted by the economic conditions in China, leading to a notable drop in its stock price.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Polestar Automotive Holding UK (NASDAQ:PSNY) is trading lower due to China's slower-than-expected economic growth, impacting consumer spending.
Polestar is affected by the economic slowdown in China, which impacts the automotive sector and consumer spending.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
VinFast Auto (NASDAQ:VFS) is down 4.98% due to China's slower-than-expected economic growth, leading to cautious consumer spending.
VinFast Auto is impacted by the economic conditions in China, leading to a decline in its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Workhorse Group, Inc (NASDAQ:WKHS) is trading lower due to China's slower-than-expected economic growth, affecting consumer spending.
Workhorse Group is affected by the broader economic slowdown in China, which impacts the automotive sector.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80