Electric vehicle stocks continued to track higher on Thursday as investors slowly warm back up to the growth potential for some of the key players.
Nikola (NASDAQ:NKLA) gained 8.97% after the company confirmed that production has begun on its battery-electric commercial truck. "Our impression is that the company is making rapid progress, but it’s still very early days and execution and capital risk present," wrote RBC Capital Markets analyst Joseph Spak wrote. JPMorgan also issued positive comments on Nikola after taking in the event.
GreenPower Motor Company (NASDAQ:GP) rose 5.35% after announcing that its vehicles are eligible for California HVIP funds.
Tesla (TSLA) continued its recent hot streak with a 0.68% gain to stay above both $1,000 per share and the one trillion dollar market cap mark.
Rivian Automotive (RIVN) was up 1.25% after Mizuho backed its Buy ratings on the EV stock and assigned a price target of $95 (102% upside).
Other notable EV advancers included Tritium DCFC Limited (NASDAQ:DCFC +6.1%), Hyzon Motors (HYZN +7.5%), Microvast Holdings (NASDAQ:MVST +6.6%), Embark Technology (EMBK +5.9%), Ouster (OUST +5.6%) and Lordstown Motors (RIDE +4.9%).
Chinese EV makers Li Auto (LI -0.5%), XPeng (XPEV -2.3%) and Nio (NIO -1.6%) underperformed again, while Vicinity Motor (VEV -27.7%) was the biggest decliner in the sector after issuing new stock and warrants.