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EV stocks continue to soar under Tesla halo

  • Investors continue to rush into electric vehicle stocks as concerns over the U.S. election, the global economy and valuations seem to be in the rear mirror.
  • The strong gains today include XPeng (NYSE:XPEV) +15.35% (see more here), Electrameccanica Vehicles (NASDAQ:SOLO) +11.39%, Nikola (NASDAQ:NKLA) +8.18% (see more on a new GM development), Workhorse Group (NASDAQ:WKHS) +7.20%, Lordstown Motors (NASDAQ:RIDE) +5.52%, Nio (NYSE:NIO) +4.34% (see more on sell-side optimism), Hyliion Holdings (NYSE:HYLN) +4.27%, Li Auto (NASDAQ:LI) +3.33%, GreenPower Motor Company (NASDAQ:GP) +2.95%, Kandi Technologies (NASDAQ:KNDI) +1.11% and just a modest 0.50% bump for Fisker (NYSE:FSR).
  • There is also big news out of the EV Mother Ship today. Tesla (TSLA +3.0%) is reportedly looking to land the China industry ministry's permission to produce the Model Y SUV in Shanghai. The company is already expanding the Shanghai plant to boost capacity.

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