Stock prices of all Electric Vehicle companies have tanked (Update)
Not only have Electric Vehicle company stock prices tanked, the solar panel industry is in even worse shape.
Some of the nation’s biggest public solar companies are struggling to stay afloat as questions arise over the viability of the financial products they sold to both consumers and investors to fund their growing operations.
In late 2023 alone, more than 100 residential solar dealers and installers in the U.S. declared bankruptcy, according to Roth Capital Partners—six times the number in the previous three years combined. Roth expects at least 100 more to fail.
The two largest companies in the industry, SunRun and Sunnova, both posted big losses in their most recent quarterly reports, and their shares are down 86% and 81% respectively from their peaks in January 2021. (This isn’t because of an economy-wide trend; the S&P 500 has grown 26% over the same time period.)
Sunnova is also under the microscope for having received a $3 billion loan guarantee from the Department of Energy while facing numerous complaints about troubling sales practices that targeted low-income and elderly homeowners.
Another solar giant, SunPower, saw shares plunge 41% on Dec. 18 after it said that it may not be able to continue to operate because of debt issues. Sunlight Financial, a big player in the solar finance space, filed for Chapter 11 bankruptcy in October; it also faces a lawsuit alleging that the company made false and misleading statements about its financial well-being.
Solar customers across the country say that salespeople obscure the specific terms of the financial agreements and cloud the value of the products they peddle. Related court cases are starting to pile up. “I have been practicing consumer law for over a decade, and I’ve never seen anything like what we are seeing in the solar industry right now,” says Kristin Kemnitzer, who represents Jones and says her firm gets “multiple” calls every week from potential clients with similar stories.
About one-third of the upfront cost of a residential solar system goes to intermediaries like sales and financing people, says Pol Lezcano, an analyst with Bloomberg New Energy Finance. In Germany, where installation is done locally and there are fewer intermediaries, the typical residential system costs about 50% less than it costs in the U.S. “The upfront cost of these systems is stupidly high,” says Lezcano, making residential solar not “scalable.” Full story at Time Magazine
Get Woke, go Broke has never been more accurate than in the Solar Panel and Electric Vehicle Industry.
And just why are we doing all this? See this Related Article: More on the fallacy of Electric Vehicles and ‘fake’ global warming
January 25, 2024
As consumers are learning that man-made climate change is a hoax, electric vehicle sales are plummeting along with those companies stock prices.
Related Article: More on the fallacy of Electric Vehicles and ‘fake’ global warming
% Below High. Look out below!
BYD BYDDF: -40%
Li Auto LI: -41%
Tesla TSLA: -55%
Polestar PSNY: -84%
XPeng XPEV: -88%
NIO NIO: -91%
GreenPower GP: -92%
Rivian RIVN: -92%
Vinfast VFS: -93%
LionElectric LEV: -95%
QuantumScape QS: -95%
Lucid LCID: -96%
Fisker FSR: -97%
Canoo GOEV: -99.1%
Nikola NKLA: -99.2%
Lordstown RIDEQ: -99.7%
Proterra PTRAQ: -99.91%
Arrival ARVL: -99.96%
Faraday FFIE: -99.99%