HCAC - Why MP Materials Jumped Today While Other EV Names Were Mixed
Shares of electric-vehicle (EV) related companies traded mixed on Thursday, with investors trying to decide where to put money in the sector. Shares of MP Materials (NYSE: MP) , miner of rare-earth materials used for EV battery technology, soared 20% this morning before settling back to a gain of 12% as of noon EST.
Similarly, shares of EV solid-state battery maker QuantumScape (NYSE: QS) were up 10% early before giving back all of those gains. But shares of Hennessy Capital Acquisition (NASDAQ: HCAC) , which is holding a shareholder vote to merge with EV maker Canoo next week, were trading down 6%.
Why the mixed bag? James Litinsky, CEO of MP Materials made an appearance on CNBC's Mad Money last night. Investors heard why he believes his company is set to prosper from the growth in EVs.
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Why MP Materials Jumped Today, While Other EV Names Were Mixed