RIVN - Rivian and Tesla Stocks Soared in June. Does That Signal a Buying Opportunity?
2024-07-02 17:14:55 ET
Slowing growth in electric vehicle (EV) sales has hit many stocks hard. However, two names stood out among the sector last month: Rivian Automotive (NASDAQ: RIVN) shares soared by about 23%, while EV leader Tesla (NASDAQ: TSLA) jumped by 11%, according to data provided by S&P Global Market Intelligence .
But while investors piled into those two leading names in June, many others sold shares in companies that don't look to have as much potential. VinFast Auto (NASDAQ: VFS) is one case in point as it struggles to gain a foothold with EV buyers. Its shares dropped by 12.1% last month.
Investors started to turn bullish on Tesla again in June after a rough start to the year. Slowing sales growth across the EV sector, other distractions for CEO Elon Musk, and more competitive EV options for consumers combined to push investors to sell Tesla stock. But one big weight on the stock was lifted in June when Tesla shareholders approved a controversial pay package for Musk.
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Rivian and Tesla Stocks Soared in June. Does That Signal a Buying Opportunity?