Electric vehicle stocks rip gains as oil battle rages on
News that the Biden Administration plans to ban Russian oil has sent a large part of the electric vehicle sector into a higher gear on Tuesday.
That follows news that Russian Deputy Prime Minister Alexander Novak threatened to cut off gas supply to Europe if governments sanction energy imports. Novak claimed oil prices could surge past $300 a barrel if those scenarios play out for an extended period.
Notable gainers in the EV sector included Ballard Power Systems (BLDP +9.8%), CBAK Energy Technology (CBAT +19.4%), Ayro (AYRO +16.9%), Mullen Automotive (MULN +11.8%), Beam Global (BEEM +13.2%), Lion Electric (LEV +10.6%), XL Fleet (XL +10.4%), Nikola (NKLA +9.0%), Lightning eMotors (ZEV +8.1%), Hyzon Motors (HYZN +7.9%), Blink Charging (BLNK +9.1%), Sono Group (SEV +9.5%), Microvast Holdings (MVST +5.6%), Niu Technologies (NIU +7.0%), FuelCell Energy (FCEL +7.1%), Proterra (PTRA +6.6%) and Lucid Group (LCID +7.3%).
Tesla (NASDAQ:TSLA) is up 2.02% as an obvious beneficiary of the rapid long-term focus on switching to electric vehicles.
The share price gain on Tuesday came even with rising concerns in the sector over the impact of higher prices and supply constraints for key metals needed for electric batteries.
Chinese automakers Li Auto (LI -4.6%), Nio (NIO +0.7%) and XPeng (XPEV -3.7%) underperformed on Tuesday with Chinese firms reportedly looking to buy stakes in Russian energy companies.