In a rapid turn of fortune, the stock prices of electric-vehicle makers including market leader Tesla stumbled to losses on Monday afternoon after hitting record-high levels earlier in the day.
The sudden swerve came despite no specific news about the sector, which has been red-hot in the stock market for weeks, but followed the overall market’s afternoon downturn after California announced new measures to fight COVID-19.
Initially, Tesla’s share price peaked at $1,794.99, reflecting a 16% gain and an all-time high. The jump came after the company set the date for a new battery tech announcement and an analyst who had recommended selling the stock switched his opinion to “hold.”
But by the closing bell, Tesla had dropped to $1,497.06, down 3%. Still, Tesla’s shares have gained 60% over the past month and 258% in 2020.
The same was true for another early Monday leader, electric-van maker Workhorse Group. The company said it had received a positive executive order for its C-Series electric delivery trucks from the California Air Resources Board, a step toward gaining acceptance in the state’s zero-emission subsidy program. In early trading, the shares hit $17.68, a 16% gain on the day, though it wasn’t an all-time high.
But by the close, Workhorse shares slumped to $15.44, gaining just 2% on the day. The share price has still more than quadrupled over the past month and fivefold on the year.
Other recently hot electric vehicle maker stocks also dropped.
Shares of Chinese EV maker Nio lost 8% to $13.84 after reaching an all-time high of $16.44 earlier in the day. The stock is still up 79% in the past month and 244% this year.
Chinese electric-scooter maker Niu lost 6% after hitting an all-time high earlier. It’s up 32% over the past month and 148% this year. Meanwhile, U.S. upstart electric-car maker Nikola, which went public in June by merging with a special purpose acquisition corporation, lost 1% to $53.95. That’s well off its all-time high of $79.73 from a few weeks ago; the stock is actually down 20% over the past month.
Some previously hot EV stocks had a bad day on Monday from the start. Three-wheeled EV maker Arcimoto, which sold $10 million worth of new shares to investors last week, crumbled 24% on Monday to $5.38. It’s still up 73% over the past month. And Canadian startup ElectraMeccanica Vehicles lost 18%, sliding to $3.60. It’s now up 112% in the past month.
More must-read tech coverage from Fortune:
- Why companies like Porsche and Nestle are using worker-owned site Braintrust for new hires
- Samsung made a closet that disinfects your clothes
- Russia’s online censorship machine is no longer running smoothly
- Can Nikola Motor’s big battery promises be true?
- Big investors like Bitcoin for the wrong reason