BYDDY - Why Electric Vehicle Stocks Like Rivian Zoomed Ahead Today
2023-08-29 18:39:47 ET
Tuesday was a good day to be an investor in quite a wide range of electric vehicle (EV) companies. Many of them, no matter what kind of EVs they develop and sell, saw notable rises on the day.
But that's what often happens when one member of the group posts encouraging news. With that foot on the acceleration pedal, pickup and SUV specialist Rivian Automotive (NASDAQ: RIVN) rose nearly 9% in price, while high-sticker price vehicle makers Fisker (NYSE: FSR) and Lucid (NASDAQ: LCID) both increased by around the 3% mark.
The peer with the happy headlines was Chinese EV company BYD (OTC: BYDDY) . Late on Monday, the busy automaker released its latest set of quarterly results, and they impressed many. Its profit for the first half of this year leaped nearly 205% higher compared to the same period of 2022. This was accompanied by a very healthy 73% rise in revenue and a new all-time high for monthly sales in July.
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Why Electric Vehicle Stocks Like Rivian Zoomed Ahead Today