Electric vehicle hype is still driving car stocks

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here . London (CNN Business) Car sales at major automakers are plunging due to a shortage of computer chips that’s forced factory shutdowns and crimped supply. But that’s not fazing Wall Street, which remains laser-focused on investment in electric vehicles that could power future growth. What’s happening: General Motors ( GM ) , Chrysler-owner Stellantis and Honda ( HMC ) all recently said that sales fell sharply over the past three months due to supply chain disruption. The latest update from Ford ( F ) is due Monday. “The enduring nature of the microchip shortage and port congestion issues continue to constrain the entire industry,” Honda executive Dave Gardner said in a statement. Breaking it down: Carmakers say demand for vehicles remains strong, even as prices have hit record highs. The average new vehicle in the United States sold for $43,355 in August, according to Kelley Blue Book. That’s up 10% from one year ago. Read More “Underlying demand conditions remain strong, thanks to ample job openings, growing pent-up vehicle demand and excess savings accumulated by many households… Read full this story

• Electric vehicle production drives Zhaoqing development
• Skoda unlikely to drive in electric vehicle in India anytime soon
• Electric vehicles to dominate line up at Toyota's Lexus by 2025
• Increasing Indians are willing to buy electric vehicles: Survey
• Volkswagen powers up for the electric vehicle revolution: Andy Home
• SMRT plans to change entire taxi fleet to electric vehicles within 5 years
• U.S., European consumers warm up to electric vehicles, but remain wary of price: Survey
• Stellantis plans to triple electric vehicle sales in 2021 - Elkann
• Ford to develop, produce its own electric vehicle batteries
• India's electric vehicles face practical, technical hurdles
• India’s electric vehicles face practical, technical hurdles
• ComfortDelGro partners French energy firm Engie in bid to install electric vehicle charging points

Electric vehicle hype is still driving car stocks have 790 words, post on edition.cnn.com at October 4, 2021. This is cached page on Smart Prices. If you want remove this page, please contact us.