Why Nikola, Fisker, and Hyzon Motors Stocks Jumped This Week
The past month has been good for electric vehicle (EV) stocks and the gains only accelerated this week. Battery electric and hydrogen-powered heavy truck maker Nikola (NASDAQ: NKLA) led the way with a 28% jump. Shares of fellow hydrogen fuel cell truck maker Hyzon Motors (NASDAQ: HYZN) and electric car maker Fisker (NYSE: FSR) also jumped about 12% and 8%, respectively, heading into the final day of this week's trading, according to data provided by S&P Global Market Intelligence.
It's not surprising to see Nikola shares move higher on the heels of potential new legislation that is intended to support and fund climate change initiatives. That bill hasn't passed yet, but the fact that pivotal senator Joe Manchin is backing it brought life back to the movement. On top of that potential tailwind, Nikola reported second-quarter earnings this week and beat expectations. Hyzon shares are also rising on the tails of both of those items. For its part, Fisker also reported its quarterly update this week, and backed its previous guidance for the start of production of its electric Ocean SUV.
Image source: Fisker.
Source Fool.com
