Friday is looking like a lousy day to own unprofitable electric vehicle (EV) stocks. Up and down the supply chain -- from the companies that mine lithium to those that turn lithium into battery packs to those building networks of charging stations -- all EV stocks are tumbling. Read More...
Motley Fool
Why Lithium Americas Stock Crashed 8% Today
After soaring 13% Monday on the back of an optimistic note from analysts at National Bank Financial, shares of lithium mining stock Lithium Americas Corp (NYSE: LAC) came crashing back down to Earth on Wednesday, falling 8.6% through 3 p.m. ET. In an after-hours announcement yesterday, Lithium Americas said it will be offering at least $225 million — and potentially as much as $258.75 million — worth of “convertible senior notes due 2027” paying a yet-to-be-determined interest rate. Lithium Americas intends to use the proceeds from this debt issuance “to repay its indebtedness” to multiple parties and also “for general corporate purposes.”
