High repair costs & low resale values ruin the illusion
| | | | | | | | | PROSPERITY PUB MARKET TALK
Is the EV Honeymoon Over?
Signs Point to a Cooling Romance
Remember the early days of electric vehicles (EVs)?
All the buzz, the excitement, the feeling that we were on the cusp of a transportation revolution? Well, buckle up, because there might be a detour on that road trip.
Recent news paints a picture of a potential slowdown in the EV market. Used EV prices are taking a tumble, with some models dropping a whopping 30% in value compared to just last year.
That’s higher than many gas-powered cars, some of which even rose in value!
This EV depreciation is hitting early adopters hard, especially those who bought in at the height of the EV frenzy.
Rental car company, Hertz's recent decision to offload a large chunk of their Tesla fleet is another sign of a potential shift. Expensive repairs and a softening used car market seem to be dampening their initial enthusiasm.
Perhaps the most telling sign of this shift is the recent resignation of Hertz CEO Stephen Scherr. You may remember, in October 2021, Hertz made a splashy announcement, agreeing to purchase a whopping 100,000 Teslas.
Less than two years later, the company scaled back on EVs, and now Scherr himself has stepped down, reportedly due in part to the rising costs associated with the electric fleet.
This turn of events underscores the complexities of transitioning to a new technology, especially when initial assumptions about cost efficiency are challenged.
But it's not all doom and gloom for EVs. Luxury and performance models appear to be holding their value better, suggesting a continued market for those willing to pay a premium for electric thrills.
So, is the EV honeymoon over? It's too early to say for sure.
The technology is still in early phases and there’s no telling what innovations might make
But if you’re concerned about stock prices, own Jeffry Turnmire has been watching TSLA with a downside target of 158, which it almost hit last week. Get his full rundown in today’s Morning Monster.
Today’s pop could just be a fakeout, so be careful if you’re trading TSLA.
— The Prosperity Pub Team
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| My Top 7 Dividend Stocks (start collecting income immediately)
Hey, Nate Tucci here. This week I’m going to be showing you how I built my Ultimate Dividends Portfolio…
And I’ll even be giving away my Top 7 Dividend Stocks — absolutely FREE!
If you want to discover what it takes to build a rock solid portfolio, click here to reserve your spot for this special event! | | | | |
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| GUY COHEN’S MARKET MOVERS
High-Quality Setups Rapidly Evaporating
There are still many stocks looking overbought and which could use a rest, while the number of truly high-quality bullish setups are on the low side.
New highs are unlikely this week. However, if they are breached in the short term, it would be surprising if the markets maintained those levels.
As always, in the meantime, trade based on what you see, and avoid preempting anything.
Here is this week’s watchlist:
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Follow the money,
— Guy Cohen | | | | |
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PROSPERITY PUB MARKET TALK
Is the EV Honeymoon Over? Signs Point to a Cooling Romance
Remember the early days of electric vehicles (EVs)?
All the buzz, the excitement, the feeling that we were on the cusp of a transportation revolution? Well, buckle up, because there might be a detour on that road trip.
Recent news paints a picture of a potential slowdown in the EV market. Used EV prices are taking a tumble, with some models dropping a whopping 30% in value compared to just last year.
That’s higher than many gas-powered cars, some of which even rose in value!
This EV depreciation is hitting early adopters hard, especially those who bought in at the height of the EV frenzy.
Rental car company, Hertz's recent decision to offload a large chunk of their Tesla fleet is another sign of a potential shift. Expensive repairs and a softening used car market seem to be dampening their initial enthusiasm.
Perhaps the most telling sign of this shift is the recent resignation of Hertz CEO Stephen Scherr. You may remember, in October 2021, Hertz made a splashy announcement, agreeing to purchase a whopping 100,000 Teslas.
Less than two years later, the company scaled back on EVs, and now Scherr himself has stepped down, reportedly due in part to the rising costs associated with the electric fleet.
This turn of events underscores the complexities of transitioning to a new technology, especially when initial assumptions about cost efficiency are challenged.
But it's not all doom and gloom for EVs. Luxury and performance models appear to be holding their value better, suggesting a continued market for those willing to pay a premium for electric thrills.
So, is the EV honeymoon over? It's too early to say for sure.
The technology is still in early phases and there’s no telling what innovations might make
But if you’re concerned about stock prices, own Jeffry Turnmire has been watching TSLA with a downside target of 158, which it almost hit last week. Get his full rundown in today’s Morning Monster.
Today’s pop could just be a fakeout, so be careful if you’re trading TSLA.
— The Prosperity Pub Team My Top 7 Dividend Stocks (start collecting income immediately)
Hey, Nate Tucci here. This week I’m going to be showing you how I built my Ultimate Dividends Portfolio…
And I’ll even be giving away my Top 7 Dividend Stocks — absolutely FREE!
If you want to discover what it takes to build a rock solid portfolio, click here to reserve your spot for this special event! GUY COHEN’S MARKET MOVERS
High-Quality Setups Rapidly Evaporating
There are still many stocks looking overbought and which could use a rest, while the number of truly high-quality bullish setups are on the low side.
New highs are unlikely this week. However, if they are breached in the short term, it would be surprising if the markets maintained those levels.
As always, in the meantime, trade based on what you see, and avoid preempting anything.
Here is this week’s watchlist:
Follow the money,
— Guy Cohen
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