WKHS - Auto watch: Tesla recovers NIO pushes to 6-month high and Detroit earnings on the way

2023-07-24 13:50:09 ET

Electric vehicle stocks pushed mostly higher on Monday after some selling pressure last week following margin and profitability worries stirred up by Tesla's ( TSLA ) earnings report.

For its part, Tesla ( TSLA ) recorded a solid gain of 3.22% , despite being downgraded by UBS. Some of the positive sentiment can be attributed to a report that Tesla ( TSLA ) executives will meet India's commerce minister later this month for discussions on building a manufacturing factory to produce a mass market electric vehicle in the $24K range (well above the average selling price in India). Tesla ( TSLA ) has expressed an interest in building a factory in India with an annual capacity to produce about half a million electric vehicles.

EV stocks breaking notably higher on Monday included NIO ( NYSE: NIO ) +12.85% , XPeng ( XPEV ) +11.13% , Workhorse Group ( WKHS ) +4.75% , Lucid Group ( LCID ) +4.15% , Polestar Automotive ( PSNY ) +3.75% , Li Auto ( LI ) +3.26% , and Chijet Motor Company ( CJET ) +2.95% . Nio ( NIO ) and XPeng's ( XPEV ) rallies pushed shares to their highest level since late January. Ahead of earnings reports this week, Ford ( F ) gained 0.75% and General Motors Company ( GM ) tracked 2.11% higher. Overall, 24 of the 36 publicly-traded auto manufacturer stocks showed gains as of 1:50 p.m.

More on auto stocks:

• GM, Ford revving up for solid results: Earnings preview
• Inside Tesla: All eyes on the margin line
• NIO Delivers: Remains A Strong Buy Long-Term
• Lucid Group: Risky, But Has Saudi Arabia's Backing

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