ASX All Ords stock tanking 11% on EV news

Investors are reacting to news released by the company last night.

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ASX All Ords stock PWR Holdings Ltd (ASX: PWH) floundered 10.65% shortly after the market open on Friday to an intraday low of $9.21 per share.

The dramatic fall followed news released by the auto parts designer and dealer last night.

The ASX All Ords stock has now recovered somewhat and is trading at $9.76, down 5.24%.

Let's see what news the company has revealed to investors.

A man looking at his laptop and thinking.

Image source: Getty Images

PWR walks away from OEM discussions

This ASX All Ords company operates in the auto parts industry. It designs, produces and sells customised aluminium cooling products and solutions.

Its main customers are in the motorsports, automotive and emerging technologies sectors.

Last night's announcement related to its Automotive Original Equipment Manufacturer (OEM) business.

Over the past two years, PWR has been supporting the development of battery cold plates for a high-volume electric vehicle (EV) program that is due to commence production in 2026 for five years.

The company said it has been in commercial negotiations for the program's production phase but has now withdrawn "for commercial reasons and PWR's assessment of the risk".

PWR reiterated its commitment to growing its OEM business "responsibly through global opportunities presently in discussion".

In other news, PWR confirmed that settlement has gone through on the new premises it will be leasing at 28 Quarry Road, Stapylton from 1 July 2025.

The lease was conditional upon the settlement of the landlord's purchase.

Recent performance of this ASX All Ords stock

The PWR share price is down 13.65% over the past 12 months.

By comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is down 2.4%.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended PWR Holdings. The Motley Fool Australia has positions in and has recommended PWR Holdings. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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