DRIV - XPeng Arrival and Canoo lead big gains in the electric vehicle sector

There were some huge gains the electric vehicle sector on Friday amid a strong day overall for tech and growth stocks. News out of China that the government is slightly easing some of its COVID-19 rules helped to fuel the rally and there is still optimism two days after the CPI print that inflation may be peaking.

Canoo ( GOEV ) soared 23.55% a day after updating on its ambitious production plans.

Sono Group ( SEV ) skied 23.23% after investors latched viewed on to the Bosch partnership as a positive development.

Other big advancers on Friday included XL Fleet ( XL ) +22.88% , Arrival ( ARVL ) +21.50% , XPeng ( XPEV ) + 17.05% , Volta Industries ( VLTA ) + 14.05% , Hyliion Holdings ( HYLN ) +13.93% , Aeva Technologies ( AEVA ) +13.88%, Nio ( NIO ) +10.25 %, Lordstown Motors ( RIDE ) +9.05% , and Blink Charging ( BLNK ) +8.85% .

Rivian Automotive ( RIVN ) +3.35% and Tesla ( TSLA ) +2.10% were much further down the list of gainers. Earlier in the week, Morgan Stanley analyst Adam Jonas advised that the firm believes RIVN may continue to benefit in the EV market from customers who want to stand out from Tesla ubiquity. Rivian lapped its one-year anniversary this week with shares down more than 50% from the IPO pricing level.

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