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Live Market Updates: EV Stocks Sink with Tesla (NASDAQ: TSLA) Down 2%
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Key Points
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EV stocks are falling following the White House confirming 104% tariffs on China will take effect at midnight.
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Live Updates
Live Coverage Has Ended
Futures Are Red for Tomorrow
Hopeing for some relief on Wednesday? So far, futures don’t point to a rosy future. As of 10:30 p.m. ET, Nasdaq futures are pointing to a 100 point loss at the open tomorrow.
Tesla Now Down 4%
Stocks are selling off aggressively into the close. Tesla shares are now down 4%.
The Nasdaq Composite has now fallen 6.4% from its intraday high.
Chinese Automakers See Steep Declines
Following the White House reiterating 104% tariffs will take effect at midnight tonight, Chinese EV makers have seen steep declines.
For example, Nio (NYSE: NIO) is now down more than 9% in late trading. Nio is now down more than 50% from where it traded in October.
Tuesday started out as a winning day across Wall Street with the Nasdaq Composite rising as much as 4.6% in early trading.
However, momentum has faltered and the Nasdaq is now negative in late trading. EV stocks opened the day trading sharply higher but have seen those gains burn off. As of 2:50 p.m. ET, here’s a look at some notable stocks:
- Tesla (Nasdaq: TSLA): Down 1.91%
- Rivian (Nasdaq: RIVN): Down 2.77%
- Lucid (Nasdaq: LCID): Down 4.50%
Let’s look at some of the major headlines driving the sell-off in EV stocks today.
Tariffs of 104% on China Go into Effect at Midnight
The biggest news for the automotive supply chain is that the White House reiterated that 104% tariffs would go into effect at midnight on Chinese exports to the United States. Those tariffs will impact a number of industrial products that could put pricing pressures on the automotive industry.
The automotive industry also has a 25% tariff rate on imported cars that begins on May 3rd.
Musk Spars with Navarro
In Tesla news, Elon Musk sparred actively with Donald Trump’s economic advisor Peter Navarro today. Navarro is seen as one of the biggest proponents of tariffs in the Administration. It was reported in the Washington Post this weekend that Musk lobbied Trump to change tactics on tariffs, but was largely overruled.
After Navarro said on CNBC that Tesla wasn’t manufacturing cars in America but instead was an “assembler” of cars, Musk tweeted that he is dumber than a sack of bricks.
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