RIVN - Automobile stocks rip big gains as China Ukraine fears are tamped down

The automobile sector posted big gains with some macroeconomic and supply chain fears easing as traders latched on to potentially positive news on a Ukraine-Russia settlement and with China's government indicating support for the local economy and stock market. Those developments have some analysts circling back to the upside seen for the second half of the year when supply chain pressure, commodities inflation and COVID restrictions are seen being much improved. Chinese automakers Li Auto (LI +27.2%), XPeng (XPEV +25.9%) and Nio (NIO +18.2%) extended their early gains to easily post the best one-day returns of the year. TuSimple (TSP +22.8%) rocketed higher after Reuters reported that the company is considering a sale of its business in China. Other notable gainers in the EV sector included Niu Technologies (NIU +14.2%), Workhorse Group (WKHS +11.8%), CBAK Energy Technology (CBAT +9.8%), Rivian Automotive (RIVN +9.4%), Wallbox (WBX +8.3%), Lordstown Motors (RIDE +9.8%),

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Automobile stocks rip big gains as China, Ukraine fears are tamped down