A Rivian battery pack awaits inspection before heading to the chassis line.
Shares of electric-vehicle makers such as
were tumbling early Thursday after analysts at Jefferies lowered their global EV sales estimates for 2022 and 2023.
The analysts, in a research note released Thursday, said they expect EV sales in 2022 of 8.7 million, down from a prior forecast of 9 million, and 2023 sales of 11.5 million, lower than a previous estimate of 11.8 million. The reduced forecast reflects a “slower-than-expected market recovery” across the U.S., European Union, and China.
However, Jefferies analysts said demand for electric vehicles “remains strong” and it raised its penetration outlook to 11% and 14% in 2022 and 2023, respectively, up from 10% and 13%.
Jefferies also issued a longer-term forecast for EV sales, saying it expects sales globally to reach 19 million in 2025 and 36 million in 2030.
(ticker: TSLA) shares fell 3.4%,
(RIVN) declined 2.9% and
(LCID) dropped 3.4%. American depositary receipts of Chinese EV makers
(LI) declined 4.1%, 4.1%, and 3.6%, respectively.
Barron’s reported earlier…