The electric vehicle saw strong gains in early trading on Tuesday after Rivian Automotive (NASDAQ:RIVN) reiterated its full-year deliveries guidance and ARK Invest snapped up some shares of Tesla (TSLA) on the recent dip.
Another big development in the sector was Chinese EV leader BYD Company (OTCPK:BYDDY) inking a purchase agreement with Germany mobility and car rental company SIXT. The return of some risk-on trading in the broad market is also helping bring buyers back into EV names.
Rivian (RIVN) jumped 8.50% with the deliveries update well-received by investors and analysts.
"We view the reiterated FY22 production target as the most important component of the release, providing incremental comfort in the company's ability to increasingly navigate the challenging supply chain backdrop," noted Truist Securities analyst Jordan Levy on the RIVN report.
Tesla (TSLA) gained 4.89% in the first hour of trading to gain back some of the ground lost when its own deliveries report missed the consensus expectation of analysts.
The biggest advancers in the EV sector were Aeva Technologies (AEVA) +12.15%, Ouster (OUST) +11.25%, Tritium DCFC (DCFC) +10.75%, Hyzon Motors (HYZN) +10.25%, Lightning eMotors (ZEV) +9.38%, REE Automotive (REE) +8.42%, Lucid Group (LCID) +8.30%, Aurora Innovation (AUR) +7.31%, Nikola (NKLA) +7.10%, Nio (NIO) +7.00%, Faraday Future Intelligent Electric (FFIE) +6.86%, and ChargePoint Holdings (CHPT) +6.85%.
Read more about Rivian's deliveries report.