XPEV - Why Electric Vehicle Stocks Like Lucid and Li Auto Triumphed on Tuesday
2024-01-23 18:41:28 ET
Tuesday was a good day to be a shareholder in any one of a number of electric vehicle (EV) stocks. Many rose higher on the day thanks to news of a potential monster rival's apparent delay in entering the market. High-end American EV maker Lucid Group (NASDAQ: LCID) enjoyed a more than 7% pop in share price, while Chinese peers Li Auto (NASDAQ: LI) and Xpeng (NYSE: XPEV) rose by a respective 3% and 4%.
That eventual rival is none other than tech titan Apple (NASDAQ: AAPL) , which for years has been hotly rumored to be developing an Apple Car. The latest scuttlebutt on what's sure to be a competitive EV is that its introduction is being delayed, and it won't be quite the whiz-bang vehicle the company originally hoped for.
Tuesday morning, Bloomberg, citing unidentified "people with knowledge of the project," published an article stating that Apple has pushed back the rollout of Apple Car until 2028. Previously, it aimed to get it on the streets by 2026.
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Why Electric Vehicle Stocks Like Lucid and Li Auto Triumphed on Tuesday