Why Shares of EV Company Ree Automotive Soared Today
Many investors have recently shifted away from pre-revenue start-ups in the electric vehicle (EV) sector. But the shares of several companies are soaring higher today, including those of Israel-based Ree Automotive (NASDAQ: REE). As of 12:22 p.m. ET, Ree shares were 26.4% higher.
Today's jump didn't come from any new company announcement, at least not from Ree. But the market has caught on to some other EV start-up names that have recently announced real progress. And that seems to be driving Ree Automotive shares higher today. Electric semi truck maker Nikola recently announced it shipped its first vehicles to customers, and that has investors excited about several other names, too.
Ree Automotive EV platform. Image source: Ree Automotive.
Source Fool.com
