Investors love a good trend, and the electric vehicle (EV) space has done extremely well. Tesla (NASDAQ: TSLA) paved the way for companies to see the true potential of EVs, but that's only created a huge throng of other players looking to duplicate Tesla's success.
It's therefore not surprising that in light of good news on the electric vehicle front from NIO (NYSE: NIO) and XPeng (NYSE: XPEV) , most major stock markets are moving higher. As of 11:45 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 131 points to 34,660. The S&P 500 (SNPINDEX: ^GSPC) contented itself with a three-point rise to 4,207, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) gave up early gains to fall 22 points to 13,727.
Below, we'll look more closely at how NIO and XPeng are doing and what it means for longer-term investors in electric vehicle stocks .
For further details see:
Why NIO and XPeng Are Starting June Strong as Markets Hold