Why Nio, Rivian, and Xpeng Stocks Accelerated Sharply on Friday
One of the hot rumors swirling around the stock market on Friday concerned a top U.S. electric vehicle (EV) stock, so many titles in the sector saw big lifts on the day. Nio (NYSE: NIO) and fellow Chinese next-generation car maker Xpeng (NYSE: XPEV) both closed more than 4% higher against the S&P 500 index's 0.3% bump. Shares of American EV company Rivian (NASDAQ: RIVN), meanwhile, booked an over 8% gain.
Early Friday afternoon, market buzz grew about the possibility of the Saudi Public Investment Fund (PIF) buying out the minority portion of the Lucid (NASDAQ: LCID) stake it does not already own. This followed speculation published in Betaville, a website that purports to track hot news about notable, publicly traded companies.
Currently, the PIF holds a stake of over 65% in Lucid, a maker of high-end luxury EVs.
Source Fool.com
