Bloomberg EV Price Return Index Falls 1.51% to 3,119.71

The dispersion matters more than the headline decline: a broad EV gauge slipping while European and Hong Kong names like Volvo Car and Zhejiang Leapmotor close higher suggests this was a US-listed and Asia-tech drawdown rather than a sector-wide repricing. The heaviest losses sit in speculative, rate-sensitive names — Lucid, MP Materials, Hesai — while Tesla's modest move anchors the downside. Whether the weakness stays concentrated in those higher-beta listings, or spreads to the European and Chinese names that bucked the trend, is the open question.