GOEV - Why EV Stocks Charged Higher on Monday
Electric vehicle stocks came to life on Monday morning as the market rose and investors poured back into growth and higher-risk stocks. It didn't hurt that an analyst made positive comments about Tesla (NASDAQ: TSLA) , giving bullish investors even the slightest reason to buy a stock that's been crushed in the last few months.
Shares of QuantumScape (NYSE: QS) are leading the way jumping as much as 14.4%, while Nio (NYSE: NIO) was up 7.2%, and Canoo (NASDAQ: GOEV) rose 3.7%. Shares of the stocks were up 11.9%, 5.6%, and 0.9% respectively at 2:20 p.m. ET.
A lot of the bullishness in the EV market has come from Citi analysts, saying they were optimistic about Tesla's fourth-quarter results. Shares have fallen sharply over the last two months as discounts failed to spur higher sales, which is causing investors to question how strong Tesla's revenue and margins will be. But today, the positive spin has taken hold.
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Why EV Stocks Charged Higher on Monday