Why Electric Vehicle Stocks Are Up Today
Wall Street's unbridled love of electric vehicle stocks has waned, with investors getting a lot more choosy of late. Monday, however, was back to risk-on when it comes to the sector, with a handful of start-ups trading up big without any company-specific reasons.
Shares of Workhorse Group (NASDAQ: WKHS) and ChargePoint Holdings (NYSE: CHPT) were both up more than 10% as of 3 p.m. EDT, with shares of Churchill Capital Corp. IV (NYSE: CCIV) up 7% and Nikola (NASDAQ: NKLA) up more than 5%.
These companies have different focuses, but they all revolve around the electrification of the automotive industry. Workhorse and Nikola are developing electric-powered trucks and ChargePoint is rolling out a network of charging stations. Churchill Capital, meanwhile, is a special purpose acquisition company (SPAC) preparing to merge with electric car maker Lucid Motors.
Source Fool.com
