CIIC - Why These Under-the-Radar EV Stocks Are Soaring Today
Shares of three niche electric-vehicle (EV) producers are soaring higher today, as investors begin to get familiar with these unknown names. The stocks of ElectraMeccanica Vehicles (NASDAQ: SOLO) and Arcimoto (NASDAQ: FUV) are up 18% and 26%, respectively, as of 11:45 a.m. EST. The companies both make different types of three-wheeled electric vehicles.
And shares of special purpose acquisition company (SPAC) CIIG Merger (NASDAQ: CIIC) are 25% higher today. The company announced yesterday that it is merging with electric van and bus maker, Arrival, to bring it public on the Nasdaq under the new ticker symbol ARVL.
Arrival will begin production on its bus and van in late 2021 and 2022, respectively. Image source: Arrival.
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Why These Under-the-Radar EV Stocks Are Soaring Today