CHPT - Why Electric-Vehicle Stocks Jumped Today
Electric-vehicle (EV) stocks had an explosive day on Tuesday, as shares moved higher across the board. The potential for lower interest rates has excited investors, and once again, the EV space is an obvious place to look for growth.
Shares of Rivian (NASDAQ: RIVN) jumped as much as 7.5% in early trading, Nikola 's (NASDAQ: NKLA) stock was up 6%, and Lordstown Motors (NASDAQ: RIDE) jumped 7.3%. But it wasn't just EV manufacturers that moved higher. Charging-company ChargePoint (NYSE: CHPT) was up 3.5%, and next-generation battery company QuantumScape (NYSE: QS) rose 5.6%.
Investors are seeing a little weakness in some EV competitors today with Tesla (NASDAQ: TSLA) and Ford announcing price cuts in January. But today's news in Tesla's 10-K filing with the SEC was that the company's full self-driving product is being looked into by the Department of Justice. There seems to be some weakness in Tesla , and if competitors are going to take advantage, it would be now.
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Why Electric-Vehicle Stocks Jumped Today