GP - Why Stocks of These Niche Electric Vehicle Players Are Soaring Today
Stocks of companies in the electric-vehicle (EV) sector have been on a tear recently. Today, investors are pushing shares higher in three companies that are in the commercial and municipal fleet automotive segment .
As of 11:45 a.m. EST, GreenPower Motor (NASDAQ: GP) shares are up 21%, while shares of special purpose acquisition companies (SPACs) CIIG Merger (NASDAQ: CIIC) and Pivotal Investment II (NYSE: PIC) are up 38% and 8%, respectively. CIIG is merging with U.K.-based Arrival, while Pivotal will merge with XL Fleet to bring those EV companies public in the next few weeks.
Arrival will begin production on its bus and van in late 2021 and 2022, respectively. Image source: Arrival.
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Why Stocks of These Niche Electric Vehicle Players Are Soaring Today