Tuesday is shaping up to be a good day to own electric vehicle (EV) stocks, as good news for China's Li Auto (NASDAQ: LI) helped to lift shares of heavily shorted American EV stocks Fisker (NYSE: FSR) and Lucid Group (NASDAQ: LCID).

Despite falling vehicle prices and well-publicized problems with EV demand around the world, Deutsche Bank announced it is upgrading Li Auto stock to a buy today, assigning a $41 price target that implies the shares could rise 34% this year.

Li Auto stock was up 9.3% at 11:15 a.m. today; Fisker was gaining 5.6% and Lucid, 3.9%.

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Source Fool.com