QS - Why Electric Vehicle and Battery Stocks Zoomed Higher Today
2024-04-23 18:34:00 ET
To the great relief of many investors who were suffering from the recent rout of electric vehicle (EV) and associated stocks, the market pushed the accelerator on such companies Tuesday. An influential report gave them hope that the sector as a whole would lift itself out of the doldrums with stronger sales.
Many of the industry's best-known stocks saw substantial lifts in price on the day. High-end EV maker Lucid Group (NASDAQ: LCID) gained almost 6%, and pickup/SUV specialist Rivian (NASDAQ: RIVN) enjoyed a nearly 3% increase. QuantumScape (NYSE: QS) , a company working to build a better EV battery as we speak, also had a good day on the stock market; its shares advanced by just under 4%.
Helping to boost sentiment in the EV industry was that report, a forecast of EV sales issued on Tuesday by the International Energy Agency (IEA). This is an intra-governmental organization comprised of 49 companies that collectively form the bulk of the planet's energy production.
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Why Electric Vehicle and Battery Stocks Zoomed Higher Today