Electric vehicle buzz: Lordstown soars, comebacks for Rivian and Lucid

May 12, 2022 10:48 AM ETLordstown Motors Corp. (RIDE)RIVN, LCID, HYZN, EMBK, NKLA, GP, WKHS, WBX, FUV, EVGO, BLNK, TSLABy: Clark Schultz, SA News Editor52 Comments

President Trump Inspects Electric Pickup Truck At The White House

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Lordstown Motors (NASDAQ:RIDE) soared 41.22% in Thursday morning trading to lead the electric vehicle sector after closing on its Foxconn deal. Shares of RIDE are roughly back to where they stood one week ago.

Rivian Automotive (RIVN) is the second biggest gainer in the EV sector with a sudden 22.52% pop to take shares close to where they started the week. The electric vehicle maker had initially rattled investors with its Q1 earnings report and production update before the reversal. Earlier on Thursday, The Wall Street Journal reported that Rivian (RIVN) is recalling 502 pickup trucks over potentially faulty airbags that could pose a safety risk to children in the front seat.

Lucid Group (LCID +12.2%), Hyzon Motors (HYZN +11.1%), Embark Technology (EMBK +11.1%), Nikola (NKLA +8.2%), GreenPower Motor Company (GP +10.0%) and Workhorse Group (WKHS +6.5%) also tracked back to retrace some of their weekly losses.

Wallbox (WBX) shot up 7.94% after a day after reporting Q1 earnings.

The big swings in the EV sector are taking place with short interest very high on many names. Arcimoto (FUV +2.4%), EVgo (EVGO +16.9%), Blink Charging (BLNK +3.2%) and Workhorse Group (WKHS) are a few of the notable stocks with a heavy focus from short traders.

The EV mother ship is back in positive territory with a 0.30% gain. Tesla (TSLA) had dropped below $700 earlier in the session.

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