Why Tesla, Nikola, and Lordstown Motors Stocks Are Rising Today

Shares of electric vehicle (EV) stocks were rising this morning after Senator Joe Manchin said he would support the Inflation Reduction Act of 2022, which includes expanded tax credits for electric vehicles.

As a result, shares of Tesla (NASDAQ: TSLA) were up 2.2%, Nikola (NASDAQ: NKLA) spiked 9.2%, and Lordstown Motors (NASDAQ: RIDE) popped 6.7% as of 11:26 a.m. ET. 

Investors were optimistic today that EV companies might benefit from the Senate's Inflation Reduction Act of 2022 bill after Senator Manchin indicated that he would vote for it. Manchin had been one of the last holdouts of the bill that Democrats are trying to pass.

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Source Fool.com