RIDE - Why QuantumScape Nikola and Lordstown Stocks Jumped Today
Stocks of emerging EV companies had a good start in market trading today. Battery company QuantumScape (NYSE: QS) , heavy truck maker Nikola (NASDAQ: NKLA) , and pickup truck hopeful Lordstown Motors (NASDAQ: RIDE) popped as much as 7.2%, 6%, and 11%, respectively, in early trading. As of 11:25 a.m. ET, QuantumScape was still near its morning high, while Nikola remained up 0.5% and Lordstown held a 9.8% gain.
Subdued inflation data helped push the market higher in general today. That's especially good news for these EV sector companies that are facing challenging raw material cost increases, just as the companies work to ramp up their respective businesses. Nikola also announced a coming executive change that investors seemed to cheer.
Additionally, the Inflation Reduction Act appears to be getting closer to becoming a law, with expectations that President Joe Biden could sign it as soon as this weekend. That legislation has EV investors hoping these early-stage companies will get a boost.
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Why QuantumScape, Nikola, and Lordstown Stocks Jumped Today