As Tesla Falls, These 2 EV Stock Rivals Are Closing the Gap
Stock market investors have waited to see what the latest reading on inflation would look like, and the news they got Thursday morning was roughly what they expected, albeit with some troubling signs of persistent price pressures. In response, stock markets jumped, with big gains for major market benchmarks of 2.5% to 6% as of 10:15 a.m. ET today.
One big drag on the market lately has been electric vehicle (EV) pioneer Tesla (NASDAQ: TSLA), which has seen its share price decline sharply in recent weeks. Although competing companies don't have close to the production capacity or sales volumes that Tesla has achieved, they nevertheless pose incremental threats to the Elon Musk-led automaker's aspirations.
Both Nio (NYSE: NIO) and Rivian Automotive (NASDAQ: RIVN) reported their latest results, and the EV stocks are moving higher Thursday morning in response. Below, you'll see more about what Nio and Rivian said about their prospects.
Source Fool.com
