Why EV Stocks Lucid Group, Hyzon Motors, and Canoo Were Up Big Today
Shares of electric vehicle (EV) stocks like Lucid Group (NASDAQ: LCID), Hyzon Motors (NASDAQ: HYZN), and Canoo (NASDAQ: GOEV) were up big today as the stock market overall rallied. The main reason for the climb is Rivian Automotive (NASDAQ: RIVN), which is up more than 20% the past couple of days. Rivian said this week it manufactured 4,401 vehicles in the second quarter, and it appears to still be on track for its 25,000 goal for the full-year period.
Lucid, Hyzon, and Canoo are rising in sympathy, up a respective 8.6%, 9.3%, and 14% today as of 3:10 p.m. ET.
A slew of start-up EV companies are trying to get production up and running to capitalize on the EV boom set off by industry leader Tesla. However, all of these start-ups could be in various stages of what Tesla CEO Elon Musk once called "production hell."
Source Fool.com
