Why EV Stocks Lucid and Rivian Jumped Today

Shares of Lucid Group (NASDAQ: LCID) and Rivian Automotive (NASDAQ: RIVN) climbed 17% and 4%, respectively, on Friday after a leading analyst highlighted the staggering growth potential of the electric vehicle (EV) market.

Wedbush analyst Daniel Ives reiterated his buy rating on Tesla (NASDAQ: TSLA). He now sees the EV industry leader's stock price surging more than 20% to $1,400, up from a prior target of $1,100. 

Ives expects booming EV sales in China to fuel Tesla's growth and that of other EV makers. He also sees President Biden's efforts to accelerate the adoption of EVs in the U.S. as part of his climate change agenda as another powerful growth driver for the industry. 

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Source Fool.com