With the increasing adoption of electric vehicles (EVs) globally, many EV makers are ramping up production to meet the rising demand. However, not all EV stocks are likely to thrive in this competitive industry. It’s important to consider a company’s financials and potential to withstand competition when choosing which EV stocks to invest in.

One EV stock to be cautious of is Lucid Group (NASDAQ: LCID). Despite reporting revenue growth of 55% year over year, the company’s deliveries remained flat at 1,404, and its losses have been mounting. Lucid has been burning through cash excessively and is losing more money than it is making. While the company has maintained its production target of 10,000 vehicles for the year, it lacks enough buyers to sustain profitability. Investors should sell LCID stock before it reaches a new low.

Another EV stock to sell is Fisker (NYSE: FSR). The company has just started manufacturing and delivering its EVs, but it faces tough competition in the market. Fisker recently slashed its production target and delivered only 11 EVs in the second quarter. Its long-term outlook is uncertain, and with the stock down 14% year to date, investors should exit while they still can.

Nikola Corporation (NASDAQ: NKLA) is another struggling EV maker. While the company exceeded revenue expectations in the second quarter, its net loss widened, and it is struggling to meet its production targets. With the CEO’s resignation and the stock down more than 75% in the past five years, it’s clear that Nikola is facing significant challenges. It’s advisable to sell NKLA stock and avoid the red flags associated with this company.

Overall, these three EV stocks have shown concerning financials, low deliveries, and an uncertain path to profitability. Investors should consider selling these stocks before they reach all-time lows.

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