Here’s Why Aurora Innovation Inc. (NASDAQ:AUR) Crashed Today

We recently compiled a list of the 10 Firms Mirror Dow Jones Decline on Monday. In this article, we are going to take a look at where Aurora Innovation Inc. (NASDAQ:AUR) stands against the other stocks.

Ten companies kicked off this week’s trading mirroring a decline on Dow Jones with a series of catalysts dampening investor sentiment. In this article, let’s explore the reasons behind their decline.

To come up with Monday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A closeup of a self-driving hardware unit inside the dashboard of a passenger vehicle.

Aurora Innovation Inc. (NASDAQ:AUR)

Shares of Aurora Innovation declined by 4.69 percent on Monday to end at $6.5 apiece as investors continued to sell off positions over concerns that the US electric vehicle (EV) industry is now being dominated by Chinese EV makers.

Former Nissan executive Andy Palmer, often called the “Godfather of EVs,” recently told Business Insider that China is now the undisputed leader in EV manufacturing. The statement came as a stern warning to US and European automakers namely Tesla, GM, Volkswagen, and other EV makers which employ 4.3 million workers.

In other news, Uber CEO Dara Khosrowshahi announced that he was stepping down as a member of the board for Aurora Innovation. However, he noted that his resignation was to focus on his ongoing responsibilities as CEO of the transport network company and not due to any disagreement with Aurora.

Overall AUR ranks 6th on our list of the stocks that crashed today. While we acknowledge the potential of AUR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than AUR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.