Why Rivian, Lucid, and QuantumScape Stock Popped Today
The stocks of several companies in the electric-vehicle (EV) sector are on the rise today. Shares of Rivian Automotive (NASDAQ: RIVN) and Lucid Group (NASDAQ: LCID) both jumped about 5% in early trading Wednesday; QuantumScape (NYSE: QS) stock rose almost 9% this morning. As of 2:35 p.m. ET on Wednesday, Rivian and Lucid were still 1.7% and 2.8% higher, respectively. Shares of solid-state battery company QuantumScape were up 6%.
With no specific news or filings from any of these companies today, the spike in shares looks to be a rebound after several days of declines that also weren't driven by company-specific news. All three of these stocks had dropped about 10% since Friday heading into Wednesday's trading. Today's gains also come with investors looking on as Tesla's latest stock split takes effect after the close of trading today.
Another recent catalyst for these stocks is the portion of the Inflation Reduction Act addressing climate change. Several aspects of the legislation are designed to bolster investments in the EV sector as well as consumer demand for EVs.
Source Fool.com
