An estimated 13.70 million to 13.90 million new vehicles were sold last year, representing a year-over-year decline of 8% to 9%. However, electric vehicles saw more buyers as sales accounted for 5.8% of all new cars sold in 2022, up from 3.1% in 2021. Although electric vehicles are expected to find more buyers this year, I think the fundamentally weak EV stock Nikola Corporation (NKLA) is best avoided now.
Let me explain the reasons why NKLA may see further downside.
