Why Tesla, Rivian, and Lucid All Popped Today
Electric vehicle (EV) stocks are jumping today as investors take in bits of news. Tesla (NASDAQ: TSLA) shares jumped by as much as 6% and were holding onto a gain of 3.6% as of 11:50 a.m. ET. Fellow U.S.-based EV makers Rivian Automotive (NASDAQ: RIVN) and Lucid Group (NASDAQ: LCID) also surged in early trading. As of 11:50, Rivian was higher by 3% and Lucid by 9.3%. Lucid shares have jumped nearly 20% in the last five trading days after being one of the worst-performing stocks in 2022.
Lucid and Rivian both dropped more than 80% in 2022. Investors are likely thinking they have fallen far enough and reports today on changes in Rivian management have brought optimism that the company is addressing some of the issues that plagued its performance last year.
Tesla stock also had a rough year in 2022, but the company continues to plan its growth as it aims to fend off new competition. That growth includes plans to spend more than $775 million to expand its manufacturing facility in Texas, according to published reports. That planned investment is especially encouraging for investors.
Source Fool.com
