Why Nio, EVgo, and XL Fleet Stocks Jumped Today
One day after the American depositary shares of Chinese EV maker Nio (NYSE: NIO) hit their lowest level in over a year, the shares are jumping today. And the stocks of EV-charging network company EVgo (NASDAQ: EVGO) and vehicle electrification company XL Fleet (NYSE: XL) are also on the rise. The stocks had moved as follows as of 1:13 p.m. ET:
The thing is, these stocks have very little in common, other than the glaring fact that they all are in the electric vehicle sector. And that tells the story of today's big moves. Though these businesses have not exactly been moving in the same direction, the stock prices have. They are all down significantly in 2021. XL Fleet shares have dropped 59% year to date, while EVgo and Nio stocks are down 37% and 35%, respectively. But the businesses aren't quite as synchronized. Nio's sales are growing quickly, and it announced some exciting plans for next year, including the introduction of its latest EV that it hopes will challenge the Tesla Model 3.
Nio's new ET5 electric sedan will challenge Tesla's Model 3 in China. Image source: Nio.
Source Fool.com
