FREY - Why Electric Vehicle and Affiliated Stocks Zoomed Higher Today
2024-04-08 18:44:09 ET
The electric vehicle (EV) sector hasn't exactly been a favorite of investors so far this year, but you wouldn't know that from how EV and related stocks traded on Monday. While they didn't exactly skyrocket in price, many enjoyed palpable gains on the day to enrich their investors slightly.
Next-generation power pack developer Freyr Battery (NYSE: FREY) was one of them, closing the day an even 10% higher. Rising at nearly a similar percentage rate was rare earth materials specialist MP Materials (NYSE: MP) , while Chinese EV manufacturer Li Auto (NASDAQ: LI) booked an almost 5% gain.
The trend-bucking incident occurred late Friday afternoon, with a post on X (formerly Twitter) composed of an extremely short sentence. Tesla CEO Elon Musk wrote in a post on his feed that the company would "unveil" a robotaxi this coming Aug. 8.
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Why Electric Vehicle and Affiliated Stocks Zoomed Higher Today