Why So Many Electric-Vehicle Stocks Closed Lower on Thursday

What happened

Shares of several electric-vehicle companies closed lower on Thursday, after global auto giant Toyota (NYSE: TM) said that it will cut its September production by 40% due to parts shortages.

Here’s how these companies fared on Thursday, relative to their closing prices on Wednesday.

So what

Toyota said on Thursday morning that it will cut production at 14 of its factories in Japan next month due to parts shortages, reducing its global output for the month by 40%. That news sent many auto stocks lower today — and vulnerable electric-vehicle start-ups suffered some of the largest declines.


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