Why Electric Vehicle Stocks Like Lucid Group Shot Higher Today
The United Auto Workers (UAW) strike is spreading and deepening, and a very prominent ally has joined the union's side. On Tuesday, the share prices of the Big Three automakers, all of which are directly affected by the protest, sank as a result.
Investors clearly considered numerous electric vehicle (EV) stocks as better bets. In consequence, the price of Lucid Group (NASDAQ: LCID) rose by 3.5%, that of next-generation truckmaker Nikola (NASDAQ: NKLA) improved by almost 8%, utility vehicle manufacturer Canoo (NASDAQ: GOEV) saw a 2% bump, and Polestar Automotive (NASDAQ: PSNY) leaped 10% higher.
On Tuesday, no less an official than President Joe Biden joined a UAW picket line. Symbolically, he did so at a General Motors distribution warehouse in the vicinity of Detroit, the heart of the U.S. auto industry.
Source Fool.com
