CHPT - Why Rivian Lucid and ChargePoint Stocks Exploded Higher on Monday
2024-05-13 11:27:09 ET
The trading week for electric vehicle (EV) stocks started off explosively as shares of Rivian Automotive (NASDAQ: RIVN) , Lucid Motors (NASDAQ: LCID) , and ChargePoint Holdings (NYSE: CHPT) all moved higher Monday. Thanks for this go to the Biden administration, which is preparing to quadruple tariffs on Chinese electric cars imported into the U.S.
As of 10:50 a.m. ET, shares of electric carmakers Rivian and Lucid are up 12% and 6.8%, respectively, while electric car charging company ChargePoint is up 11.4%.
Now, admittedly, Chinese cars aren't a huge part of the U.S. automotive market . In Europe, China-branded EVs make up 8% of all electric car sales, but in the U.S. the only real "Chinese EVs" I can think of are the Polestar 2 and maybe the Volvo S90 hybrid, both built by companies controlled by China's Geely Holding .
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Why Rivian, Lucid, and ChargePoint Stocks Exploded Higher on Monday