Why Lucid, Rivian, and Nio Soared Monday
Shares of a diverse mix of electric vehicle (EV) makers are starting the week off on a high note. The stocks of Lucid Group (NASDAQ: LCID), Rivian Automotive (NASDAQ: RIVN), and Nio (NYSE: NIO) soared by between about 11% and 13% early Monday. As of 1 p.m. ET, Lucid and Rivian were still higher by 9.1% and 9.7%, respectively. Nio's American depositary shares also remained up by 8.6%.
All three stocks are bouncing back from a losing week last week, and a new analyst rating is helping that boost. Much of the negative sentiment over the last week came after sector leader Tesla expanded the vehicle price cuts it previously implemented in China to Europe and the U.S. markets.
Many investors felt that Tesla's price cuts could hinder the efforts by Rivian, Lucid, and Nio to continue to ramp production and sales -- or at the very least, extend the runways to reach profitability, as these companies have to compete with lower selling prices.
Source Fool.com
