Why Lordstown Motors and Quantumscape Stocks Exploded Today

Shares of Lordstown Motors (NASDAQ: RIDE) and Quantumscape (NYSE: QS) soared Thursday, closing the session up 8.6% and 14.6%, respectively.

With social media buzzing about another electric-vehicle start-up and discussions on the broader EV space surpassing all other hot industries including crypto, shares of most EV stocks were rallying higher.

A post Wednesday on Reddit's WallStreetBets forum about Canoo Holdings (NASDAQ: GOEV) stirred up such an intense discussion that the EV start-up raced past the biggest meme stocks like AMC to become one of the most-discussed stocks on Reddit Thursday. Some notable recent developments for Canoo include its deal to partner with VDL Nedcar as a contract manufacturer, news that it had more than 9,500 non-binding pre-orders combined for its pickup truck, lifestyle truck, and multi-purpose delivery vehicles as of the end of the second quarter, and the announcement of its first electric vehicle factory in Oklahoma.

Source Fool.com