AAPL - Why Most U.S. Electric-Vehicle Stocks Were Big Winners on Wednesday
2024-02-28 18:37:00 ET
It can be quite a boon for a company when a potentially major competitor withdraws from an industry. News of this happening in the electric-vehicle (EV) sector hit the headlines Tuesday afternoon, and the next day, investors reacted accordingly.
The collective sigh of relief was almost audible, with market players trading up the shares of companies like luxury-SUV maker Fisker (NYSE: FSR) , which closed more than 8% higher, and high-end sedan manufacturer Lucid Group (NASDAQ: LCID) , with a nearly 2% gain. Interestingly, the bullishness didn't necessarily reach overseas, as major foreign peers such as Li Auto (NASDAQ: LI) dipped in price (the Chinese company fell by 2%).
Bloomberg dropped a bombshell of an article regarding Apple 's (NASDAQ: AAPL) effort at developing an EV of its own.
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Why Most U.S. Electric-Vehicle Stocks Were Big Winners on Wednesday