EV roundup: Big gains for AEye, Faraday and ChargePoint while Rivian, Lordstown slip
The electric vehicle sector saw some big gains on Monday as investors bet that higher oil prices could push up the timetable on EV adoption in new parts of the world. Many of the stocks that caught a bid were from the startup camp.
Big gainers included Mullen Automotive (MULN +23.2%), Microvast Holdings (MVST +19.0%), AEye (LIDR +17.2%), Ayro (AYRO +13.6%), Faraday Future Intelligent Electric (FFIE +13.4%), FuelCell Energy (FCEL +11.2%), Ouster (OUST +8.2%), ChargePoint Holdings (CHPT +7.7%), Cenntro Electric Group (CENN +5.8%), Arcimoto (FUV +7.6%), Hyzon Motor (HYZN +6.9%), Lightning eMotors (ZEV +6.2%), Proterra (PTRA +5.8%), Volcon (VLCN +2.8%) and QuantumScape (QS +3.5%).
On the flip side, some former EV high-fliers continued to struggle on new supply chain concerns and the ongoing reset on valuation. Lordstown Motors (RIDE -1.1%), Rivian Automotive (RIVN -2.8%), Li Auto (LI -2.7%) and XPeng (XPEV -2.7%) were all in reverse.
Earlier in the day, Wedbush Securities pointed to big upside with Tesla (TSLA -0.2%) due to the approval of the Giga Berlin.