Why Tesla, Nikola, and Lordstown All Rose Today
Tesla (NASDAQ: TSLA) and other EV stocks are ending the week on a high note. Tesla shares were moving higher by 3.3% as of 2:10 p.m. ET. Start-ups Nikola (NASDAQ: NKLA) and Lordstown Motors (NASDAQ: RIDE) spiked as much as almost 10% early Friday. Those shares were still trading higher by 3.7% and 3.1%, respectively, in late-afternoon trading.
The moves higher come as the U.S. House of Representatives is expected to pass the climate-friendly Inflation Reduction Act this afternoon. President Joe Biden could sign it into law as early as this weekend.
But the moves today also could be attributed to what Rivian Automotive (NASDAQ: RIVN) told investors last night in its second-quarter earnings report. Rivian said demand, in the form of preorders for its pickup truck and SUV models, continues to soar. That's good news for Tesla too, as CEO Elon Musk restated this week that the Cybertruck will begin shipping next year.
Source Fool.com
