Why Nikola, Solid Power, and Blink Charging Skyrocketed This Week
Shares of EV and hydrogen vehicle stocks jumped this week as investors took a risk-on approach to the market and a government official gave some potentially positive news to the industry. But the bounce may not last if there aren't fundamental improvements in the financial performance of these stocks.
According to data provided by S&P Global Market Intelligence, Nikola (NASDAQ: NKLA) was up as much as 63.6% this week, Solid Power (NASDAQ: SLDP) popped 34.6%, and Blink Charging (NASDAQ: BLNK) was up 31.4% at its peak. Shares maintained most of those gains in the short week of trading and closed up 57.6%, 30.1%, and 25.9% respectively.
On Wednesday, Janet Yellen warned that China could dump renewable energy products like solar panels and electric vehicles on the U.S., reducing prices and potentially taking market share from U.S. manufacturers. While nothing was announced, her stance could mean that protections could be put in place to increase tariffs on those imports, helping U.S. manufacturers.
Source Fool.com
