Shares of legacy automakers have outpaced their electric counterparts over the last few weeks, as investors respond to company decisions to prioritize higher-margin, gas-powered models instead of pure battery vehicles.
Automakers, including Ford Motor, General Motors , Mercedes, have scaled back on their ambitious EV plans.
Electric vehicle demand has slowed of late, suggesting the transition away from traditional internal combustion engine vehicles will take longer than expected.
Shares of EV pioneer Tesla surpassed legacy automakers for the last few years, making it the world’s most valuable car company by market capitalization.
