Why Rivian, Nio, and Other EV Maker Stocks Rose Today
Investors are focused on electric vehicle (EV) makers today for a good reason. After sector pioneer Tesla (NASDAQ: TSLA) reported earnings, stocks of several upstarts are moving higher. Rivian Automotive (NASDAQ: RIVN) shares jumped over 2%, while both Nio (NYSE: NIO) and Lordstown Motors (NASDAQ: RIDE) popped nearly 5% early Thursday. As of 12:05 p.m. ET, Rivian was still up 0.5%, Nio held onto a gain of 1.7%, Lordstown was up 2.3%, and Lucid Group (NASDAQ: LCID) rose 0.9%.
That all came after Tesla reported third-quarter earnings that showed demand remains very strong.
Tesla reported earnings that nearly set a new quarterly record even in the face of headwinds that are affecting the industry globally. That bodes well for other EV makers that are working to ramp up production and achieve profitability themselves. Rivian will report its quarterly update on Nov. 9, and investors will want to hear several things from the company. Supply chain issues have affected the entire industry, and Tesla also had shipping bottlenecks that forced it to deliver 22,000 fewer electric vehicles than it produced. But it maintained its automotive gross margin versus the prior quarter.
Source Fool.com
