EV Stock Investors Can't Ignore the Latest Industry Warning Sign

After Tesla's (TSLA -3.67%) dramatic rise in 2020 and 2021, investors seemed to be convinced of one thing. Electric vehicles (EVs) are the way of the future, and huge spoils will come to those who win the competition.Since Tesla's breakthrough moment when it generated its first profit, investors have awarded sky-high valuations to EV stocks. Tesla currently trades at a price-to-earnings ratio of 71, which compares to single-digit earnings multiples for legacy automakers like Ford Motor and General Motors.Un ...