Shares of EV start-up Fisker (NYSE: FSR) were falling today on a down day in EV stocks due to twin warnings from ON Semiconductor and a production cut from Panasonic, both of which signal more tough times ahead for the electric vehicle industry. As a result, Fisker stock finished 8.7% on the day, while Tesla and Rivian were also down. Signs are mounting of a slowdown in electric vehicle demand, as a number of manufacturers are cutting back on production, lowering prices, or making other moves in response to changing market dynamics.
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