Why Rivian, Lucid, and EV Stocks Were on Fire This Week
Shares of EV stocks traded sharply higher this week as some relatively good news came out of the industry. Earnings from Tesla (NASDAQ: TSLA) certainly helped, but rumors of a buyout did as well.
The biggest mover was Lucid (NASDAQ: LCID), which is up 128% since last Friday's close as of 2 p.m. ET, Rivian (NASDAQ: RIVN) is up 30.8% in that time, and EVgo (NASDAQ: EVGO) is up 17.5%, according to S&P Global Market Intelligence.
Today's news impacting Lucid has been the most impactful. Rumors were up that Saudi Arabia's sovereign wealth fund called Public Investment Fund is interested in buying Lucid. The company is trying to ramp up its electric vehicles in the face of higher interest rates and a slower economy, which will make it hard to make money. That's why the stock is falling, so a buyout may be the best way out, and that's why the stock then popped.
Source Fool.com
