May 23, 2022

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Electric vehicle stocks are on the rise

Electric vehicle stocks are on the rise

The all-electric Rivian R1T truck in Times Square on listing day, Wednesday, November 10, 2021 in New York.

Anne-Sophie Vigelo Jensen | AP

The battered shares of several electric car startups were trading sharply higher Thursday morning.

Rivian Cars After the market closed on Wednesday for the first quarter loss that was Narrower than Wall Street expectedAnd Lordstown Motors announced A critical deal to sell its Ohio factory have closed.

Shares are up 22% and 45%, respectively, in mid-morning trading.

Here are some of the other major electric vehicle stocks that moved as of 11:30 a.m. in New York:

Many of the electric car names that made the biggest moves were the ex-MIM stocks, which rose sharply last year amid intense interest from retail investors. Two of the most prominent meme stocks, Jim Stop And AMC EntertainmentIt was also sharply higher on Thursday – over two digits each – with GameStop trading Stopped a few times due to fluctuations.

Even with the sudden rally, all electric vehicle stocks are still trading well below their 2021 highs. The tech-heavy Nasdaq Composite is still nearly 30% off its high.

Notably absent from Thursday’s big electric motors list Tesla, the leading manufacturer of electric vehicles. Tesla shares were hovering in the middle of the morning.

traditional car manufacturers Ford Motor And general motors The performance was worse, down 1% and 4%, respectively, after Wells Fargo analyst Colin Langan Both bank ratings downgraded to “underweight” late Wednesday night.