REE - Why Faraday Future Tanked but Hyzon Motors and Ree Automotive Soared This Week
Many stocks in the electric vehicle (EV) sector jumped in the first full trading week since President Biden signed the Inflation Reduction Act (IRA). The new law calls for more than $350 billion to be invested to bolster the use in clean energy. Hydrogen-powered vehicle maker Hyzon Motors (NASDAQ: HYZN) and EV chassis designer Ree Automotive (NASDAQ: REE) have both soared this week -- about 14% and 11%, respectively, as of early Friday morning, according to data provided by S&P Global Market Intelligence .
But shares of EV start-up Faraday Future Intelligent Electric (NASDAQ: FFIE) went in the other direction this week, down about 13%. There's a good reason for that.
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Why Faraday Future Tanked but Hyzon Motors and Ree Automotive Soared This Week