Why Ford, QuantumScape, and ChargePoint Shares Rose Today
With the third quarter in the rearview mirror, automotive companies are starting to report production and delivery results. All eyes are on how the electric vehicle (EV) category is doing, and many stocks in that sector are pushing higher today, including Ford (NYSE: F), solid-state battery maker QuantumScape (NYSE: QS), and charging station maker ChargePoint Holdings (NYSE: CHPT). As of 1:50 p.m. ET on Monday, Ford shares were 2.8% higher, QuantumScape had jumped 7.1%, and ChargePoint held on to a 2.5% gain.
The boost is a welcome one for Ford shareholders. Since the company warned investors on Sept. 19 that supply chain disruptions and inflated raw material costs would hurt third-quarter results, shares have dropped over 20%.
After rivals Tesla and General Motors provided their third-quarter sales updates, many investors are getting more excited to be in EV stocks today. Tesla shareholders didn't respond positively to that company's report, and that could be a sign that investors want to move to some of the more beaten-down stocks in the sector.
Source Fool.com
