VLKAF - Electric stuff from Volkswagen sends EV stocks higher

The electric vehicle sector is higher after Volkswagen ([[VLKAF]] +6.0%) highlighted an even deeper commitment to electrification during its Battery Day event today. Canoo ([[GOEV]] +7.6%), Lordstown Motors ([[RIDE]] +6.2%), QuantumScape ([[QS]] +7.3%), XL Fleet ([[XL]] +4.8%), Churchill Capital IV ([[CCIV]] +5.8%), Workhorse Group ([[WKHS]] +4.9%), Romeo Power ([[RMO]] +2.2%), GreenPower Motors ([[GP]] +6.4%) and Nikola ([[NKLA]] +1.6%) are all higher after Volkswagen said it aimed to cut the costs of producing its batteries by up to 50%, build more battery factories, expand its network of charging stations and eventually transition over to solid-state technology that could cut costs even further and boost efficiency. Volkswagen Group Board Member for Technology Thomas Schmall said the goal was to drive down the cost of battery production below $100 per kWh, a level that some think will make EVs at price parity with gas-powered vehicles The big announcements out of Volkswagen do not

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Electric stuff from Volkswagen sends EV stocks higher