EVGO - Nikola Lordstown Motors and Workhorse lead big rally in electric vehicle stocks

2023-06-16 08:02:57 ET

Electric vehicle stocks moved higher in the premarket session on Friday as the swing positive in sentiment in the sector following Tesla's ( TSLA ) extended rally continued. Many of the highly-shorted EV stocks are seeing above-average volume as they look to recover from sharp losses earlier in the year.

Nikola Corporation ( NASDAQ: NKLA ) shot up 12.86% in premarket action on Friday to follow on Thursday's 29.63% rise. Lordstown Motors Corp. ( NASDAQ: RIDE ) rallied 5.95% to follow on Thursday's 33.23% rip higher. Workhorse Group ( NASDAQ: WKHS ) is in recovery mode with a 7.40% increase premarket adding to Thursday's 9.70% jump. Hyzon Motors ( HYZN ) gained 4.33% in the premarket session and Canoo ( NASDAQ: GOEV ) jumped 7.81% . EV charging stock EVgo ( EVGO ) moved up 2.28% after gaining 6.28% on Thursday, while Blink Charging ( BLNK ) tracked 1.57% higher.

Analysts have pointed to the general risk-on mood in the stock market and Tesla's ( TSLA ) Supercharger deals with General Motors ( GM ) and Ford ( F ) as two sparks for the recent rally in many beat-up EV names. Meanwhile, shares of Tesla ( TSLA ) moved up 0.99% premarket to $258.43 to extend on the +50% six-week rally.

More on electric vehicle stocks:

• Tesla is seen having a huge advantage over EV peers through the Inflation Reduction Act
• Electric vehicle stocks are sized up after Tesla Supercharger disruption
• GM provides updates on EV production, China price wars, autonomous efforts
• Tesla fallout: Will Detroit automakers slow down aggressive EV plans?

For further details see: