Why Lordstown Motors Shot Nearly 9% Higher Today

Shares of electric vehicle (EV) company Lordstown Motors (NASDAQ: RIDE) were off to an electric start for 2022. On the year's first trading day Monday, the stock closed 8.7% higher, although the company did not report any fresh news. Rather, it was a highly encouraging development from a peer that seemed to put the zip in Lordstown shares.

That peer is the No. 1 company in the EV automobile space, the almighty Tesla (NASDAQ: TSLA). On Monday, Tesla reported 308,600 vehicle deliveries in the fourth quarter, a new record high for the popular company. This was quite the upside surprise, as collectively analysts were forecasting the number would be a mere 263,000.

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Source Fool.com