Investors bid up select electric vehicle stocks in hunt for oversold names

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The electric vehicle sector is seeing some buying action again as investors have become comfortable with Treasury yields dropping and China's Communist Party meeting in the rear-view mirror.

An early Tuesday earnings update from BYD Company (OTCPK:BYDDF) could also be helping to lift sentiment generally. China's biggest electric vehicle maker said Q3 profit likely more than quadrupled.

"In the third quarter of 2022, despite the complex and severe economic situation, the spread of the pandemic, extreme high temperature weather, high commodity prices and other unfavorable factors, the new energy vehicle industry continued to accelerate its upward trend," updated BYD.

Shares of BYD Company (OTCPK:BYDDF) jumped 6.22% in Hong Kong.

In early trading in the U.S. on Tuesday, top EV gainers included Ouster (OUST) +9.17%, Hellbiz (HLBZ) +8.67%, Phoenix Motor (PEV) +7.15%, Ayro (AYRO) +6.33%, Faraday Future Intelligent (FFIE) +5.35%, and Canoo (GOEV) +4.89%.