Bloomberg EV Price Return Index Falls 1.14% to 3,170.73

The split matters more than the headline: losses are concentrated in battery and materials-linked names like ITM Energy and MP Materials, while Chinese EV makers and Volvo Car Group are higher. That divergence suggests the pressure is upstream in the supply chain rather than in vehicle demand, with Lucid Group sitting on the decliner side as a US pure-play. Whether materials and battery names keep underperforming the assemblers is the open question.