Why Tesla and Rivian Soared, but Nikola Plunged, in May
May was a good month for growth and technology stocks. The Nasdaq Composite index jumped by 5.8% last month. So it shouldn't come as a huge surprise that some electric-vehicle (EV) company stocks also moved higher over the course of the month. In fact, (NASDAQ: TSLA) and Rivian Automotive (NASDAQ: RIVN) far outpaced the index itself, soaring by 24.1% and 14.9%, respectively, according to data from S&P Global Market Intelligence.
But not every EV maker's stock had a good month. Investors have some specific, and serious, concerns with Nikola (NASDAQ: NKLA) -- maker of electric semi-trucks. That caused Nikola shares to plunge 29.5% in May.
Both Tesla and Rivian rebounded in May after declines in the prior month spurred by concerns stemming from Tesla's first-quarter earnings report.
Source Fool.com
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