CENN - Rivian Canoo and Workhorse Group led strong rally in electric vehicle sector

2023-07-03 10:43:19 ET

Electric vehicle stocks raced higher in Monday morning trading after a wave of monthly and quarterly deliveries reports boosted confidence the back half of the year will see strong demand.

Li Auto ( LI ) shot up 6.05% after report deliveries of 32,575 vehicles in June 2023, up 150.1% on a year-over-year comparison. The Chinese electric vehicle maker closed Q2 with 86,533 deliveries vs. a guidance range for 76,000 and 81,000 deliveries.

Rivian Automotive ( NASDAQ: RIVN ) ripped a 14.37% gain after reporting Q2 production of 13,992 vehicles from the manufacturing facility in Normal, Illinois during Q2. Deliveries for the quarter were 12,640 vehicles vs. 11,300 consensus.

Tesla ( TSLA ) rallied 7.55% after topping Q2 deliveries guidance by a healthy margin. Despite the record tally of deliveries for the quarter, some analysts are poking at the report. TD Cowen analyst Jeffrey Osborne noted Tesla ( TSLA ) produced 13,560 more cars than were delivered, which is the fifth consecutive quarter production exceeded deliveries. "We expect investors will continue to focus on deliveries though note increased inventories may weigh on the degree of an expected positive reaction," warned Osborne.

Other electric vehicle stocks with notable gains on Monday, included Canoo ( GOEV ) +11.35% , Workhorse Group ( WKHS ) +8.51% , Electrameccanica Vehicles ( SOLO ) +7.48% , Faraday Future Intelligent ( FFIE ) +6.53% , QuantumScape ( QS ) +5.99% , Allego N.V. ( ALLG ) +5.72% , Cenntro Electric Group ( CENN ) +5.38% , and Hyliion Holdings ( HYLN ) +4.96% .

More on electric vehicle stocks:

• NIO reports June delivery of 10,707 vehicles
• What To Expect From Tesla In 2023
• Li Auto announces new record with 32,575 deliveries on higher operating capabilities
• Seeking Alpha Quant Ratings across auto manufacturers

For further details see: