TMC - Why Shares of Fisker and Lion Electric Are Soaring but The Metals Company Is Plunging
2023-07-17 13:32:06 ET
Electric vehicle (EV) manufacturers Fisker (NYSE: FSR) and Lion Electric (NYSE: LEV) both announced news that gave investors reasons to cheer at the start of the new trading week. EV battery maker The Metals Company (NASDAQ: TMC) , however, had nothing positive to report. Instead, investors in that stock are reacting to a growing number of voices raising concerns about deep sea mining, including a U.S. politician who introduced legislation to halt the advancement of deep sea mining activity.
As of 12:14 p.m. ET Monday, shares of Fisker were up 3.9%, giving back some of their 6% gain from earlier in the trading session. Lion Electric was up 9%, retreating from an earlier rise of 16%. But The Metals Company had plummeted by 13.7%.
Having commenced deliveries to customers in Europe and the United States, Fisker plans on entering a new market: India. The company announced today that it's producing 100 Fisker Extreme Vigyan Edition all-electric SUVs for customers in India. Delivery of the vehicles is expected to occur in the fourth quarter.
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Why Shares of Fisker and Lion Electric Are Soaring but The Metals Company Is Plunging