EV and self-driving stocks suffer big fall in Sept 22
CNBC in America has reported on a key exchange traded fund (ETF) for electric vehicle (EV) and self-driving stocks suffering “an ugly month” in September.
On Friday 30 September, the Global X Autonomous and Electric Vehicles ETF closed 37% off the group’s 52-week high.
CNBC said: “It was the second worst-performing month for the group on a percentage basis on record, behind only March 2020 when the overall stock market saw dramatic declines.”
Self-driving stock
Global X says the DRIV fund offers high growth potential, noting that: “While global EV registrations increased by more than 40% in 2020, EVs were still less than 5% of new cars sold, highlighting substantial room for further adoption.”
The top 10 holdings (as of 10/04/22) were:
- Tesla
- Apple
- Microsoft
- Alphabet
- Qualcomm
- Toyota
- Nvidia
- Intel
- Pilbara Minerals
- Honeywell
At Cars of the Future, we suspect the falls have more to do with the EV side and assisted driving than true self-driving… but rumours of a global recession don’t help!
