Tesla (TSLA +5.48 percent), Rivian (+6.52 percent), and Lucid (LCID +5.54 percent) all saw their stock prices fall on Thursday morning after Jefferies analysts lowered their global EV sales forecasts for 2022 and 2030.

As of Thursday, experts predicted that EV sales in 2022 would be 8.7 million, a decrease from the previous expectation of 9 million and a decrease from a previous forecast of 11.8 million. In the United States, the European Union, and China, the market recovery has been “slower than predicted.”

Electric car demand “remains high” and Jefferies analysts boosted their penetration forecast to 11 percent and 14 percent, respectively, in the years ahead, from 10 percent and 13 percent.

In the long run, Jefferies predicts worldwide EV sales to reach 19 million units in 2025 and 36 million units in 2030.

There was a 3.4 percent reduction in Tesla (TSLA) shares, a 2.9 percent dip in Rivian (RIVN) shares, and a 3.4 percent drop in Lucid (LCID). the NIO NIO + 7.77 percent (NIO), the XPeng XPEV + 4.85 percent (XPEV), and the Li Auto (LI) American depositary receipts fell by 4.1%, 4.1%, and 3.6% correspondingly.

Rivian and Lucid, two new electric vehicle firms, have seen a rise in demand, according to recent research. Inflation, on the other hand, has kept investors from boosting the stock market.

Profit margins in the automobile industry are under pressure when the cost of goods rises and interest rates rise as a means of combating inflation.

First time in more than 20 years, the Federal Reserve hiked interest rates on Wednesday, signaling a firm stance against rising prices, even as inflation hit its highest level in 40 years.

The post Tesla, Rivian, and Lucid Saw Their Stock Prices Drop on Thursday Morning as Jefferies Analysts Cut Their Worldwide Ev Sales Predictions for 2022 and 2030. appeared first on Best Stocks.