Several makers of electric vehicles are seeing lower share prices Monday in the wake of announcements from Tesla Inc. and Ford Motor Co. that they would be lowering prices on some EV offerings.
Ford said it was cutting the prices of its electric Mustang Mach-E crossover. Earlier this month, Tesla said it was reducing prices on models sold in the U.S.
Shortly after 1 p.m. ET, shares of Canoo Inc. were trading 10.04% lower at $1.24 per share. Faraday Future Intelligent Electric Inc. shares were down 7.36%, trading at 81 cents per share. Fisker Inc. shares were trading 8.16% lower at 7.21 each. REE Automotive Inc. shares were 5.83% lower, trading at 47 cents each. Arcimoto Inc. saw its shares fall 5.94% to trade at $2.08 each.