EV Stocks Are On Fire: Soaring Gas Price or Tech Stocks Bounce?
A wide range of electric vehicle (EV) related stocks are gaining today as the broad recovery in equities continues. Today’s price action with EV stocks is taking place with a strong backdrop. Leading the pack is the tech-heavy $NASDAQ(.IXIC)$, which has appreciated more than 1.5% once again today.
That said, let’s take a look at a few of the stocks that driving EV industry higher right now.
$Rivian Automotive, Inc.(RIVN)$
Its share price has fallen 49% over the past six months as many investors have fled high-growth stocks -- and EV stocks in particular. But with Rivian's share price falling so far so fast, some investors are likely now viewing its stock as being priced attractively. For example, the company's stock made its market debut back in November at $78 per share, but even with today's gains, Rivian's stock sells for about $50 per share.
$Lucid Group Inc(LCID)$
Many electric vehicle (EV) stocks have taken hits in 2022. Lucid is one of them. However, Lucid's plan for growth was supported by a recent announcement that EV battery supplier LG Energy Solutions(LGES) will invest $1.4 billion to build a battery manufacturing facility near Lucid's Arizona factory. LGES is already a supplier to U.S. EV companies including Lucid and Tesla.
Lucid reduced its 2022 production outlook from 20,000 vehicles to a range of 12,000 to 14,000 when it reported its fourth-quarter financial update last month.
$Lordstown Motors Corp.(RIDE)$
Lordstown Motors stock bumps up 21% in the past five days. The potential electric vehicle automaker has yet to reach a final asset purchase agreement and contract manufacturing deal with Foxconn, the Taiwanese tech giant that wants to purchase Lordstown Motors’ plant and build electric vehicles for the North American market.
$Quantumscape Corp.(QS)$
QuamtumScape stock rocketed higher than 10% this week. The sudden jump in the stock price can be attributed to potential collaboration with $Porsche Automobile Holding SE(POAHF)$. The electric 911 could be powered by solid-state batteries supplied by QuantumScape.
QuantumScape is building multilayer solid-state lithium metal battery cells that are reportedly better than the lithium-ion batteries that currently power most electric vehicles on several counts, including energy density, efficiency, charging speed, cost, and safety.
$Workhorse(WKHS)$
Workhorse makes electric delivery vans, drones, and telematics software designed for last-mile delivery. Workhorse Group shot up on Tuesday amid a strong day for the automobile sector overall. Shares of Workhorse Group are now at the highest level of 2022 with the USPS decision last week to double its order of next-gen trucks to just over 10,000 still attracting investor attention.
EV Stocks Are On Fire
While the market may be struggling, EV stocks are surging. Thanks to a confluence of soaring gas prices, elevated consumer interest in EVs, an exponential jump in EV optionality and falling battery costs. Will 2022 be a landmark year for the electric vehicle industry?
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Sanction against Russia has lead to a shortage of nickel & other precious metal
I think I mentioned before, the world 🌎? society? countries? (whatever u call it) are moving toward green environment.
As far as I see it, it's an obvious hit for EV [Happy].
I cant imagine wats its like to back to ipo price... Rocket?
With rising oil prices and the world going green, the demand will increase as time passes.
Recent jump in EV price is more of market recovery.