If you read past the FUD perpetuating headlines, the issue stems from the cost of premium EVs, particularly Teslas, which were no longer eligible to qualify for rebates from the Inflation Reduction Act, due to their price.
Tesla has reduced the prices on some of their lower spec premium vehicles so they would qualify, and that might take some time for that to flow through the market.
Demand for vehicles at the lower end of the EV price curve is still strong.
Other issues are companies like GM are also reporting weaker demand, and whilst GM are an important part of the general EV market, there is also a question of desirability and quality of their vehicles.
Honestly, have you seen some of these US EVs? Who apart from fleet buyers looking for heavy discounts and green / ESG points for their annual report would buy something like a Chevy Volt over a Tesla, Toyota or Hyundai for desirability, resale or performance?
Companies like Hyundai who are making some of the more desirable EVs in the market are still reporting strong demand.
https://www.reuters.com/business/autos-transportation/hyundai-motors-q3-net-profit-rises-151-beats-forecasts-2023-10-26/The share price has held up so far, and it does somewhat track the lithium price, but there are multiple major announcements that are due that should act as a major share price catalysts, that put a higher and more sustainable floor under the company.
I'm no expert, I had a shocking day yesterday (closed my largest loss ever), so definitely don't trust what I say.
