NIO Stock – Why Three Very Completely Different EV Stocks Are On The Rise Right Now | Zoom Fintech

NIO Stock – Why Three Very Completely Different Electric Vehicle Stocks Are On The Rise Right Now

What happened

The shares of a number of companies in the electric vehicle (EV) sector are rising these days, but for a variety of reasons. Actions of Nikola (NASDAQ: NKLA) jumped 19% earlier and remains up 16% as of 12:30 p.m. EST. Shares in Chinese-language electric car maker Kandi Applied Sciences (NASDAQ: KNDI) are up 20%, while those of the Canadian producer of three-wheeled electric vehicles for urban use ElectraMeccanica Autos (NASDAQ: SOLO) are settling down 10% after surging 14% earlier.

So what

EV shares rose not too long ago, and a few of the current transfers are a continuation of this wave of investor curiosity. However, each of the names above also has a special story to tell these days.

Perhaps the least known of the three companies is ElectraMeccanica. Its flagship product is a three-wheel single-seater electric vehicle known as SOLO, designed for city use and admittedly enjoyable. The shares doubled as it declared profit last week.

SOLO EV from ElectraMeccanica. Provision of images: ElectraMeccanica Autos.

Even after the weekly 100% acquisition, the small-cap company still has a market cap of just $ 550 million.

Nikola’s transfer at the moment mostly stems from rumors about his plans to partner with General Motors (NYSE: GM). While GM and Nikola have each mentioned that there is nothing new to report on finalizing a deal, there was said to have been a post on GM’s website earlier saying a deal has been reached. . However, this assignment has since been abolished.

The surge in Kandi shares follows a double-digit acquisition yesterday after it was reported that the company’s picks qualified for a $ 2,500 state tax cut on car purchases renewable energy in Texas. Kandi America, the US subsidiary of Chinese company Kandi, is headquartered in Garland, Texas.

Now what

Kandi can also apparently benefit from information on the development of gross sales of electric vehicles in China. Opponents with NIO (NYSE:NIO), XPeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) all recently published quarterly results featuring document deliveries. XPeng, for example, reported a 266% year-over-year increase in car deliveries for its third quarter, and more than double what it delivered in the previous quarter.

Now that Kandi has launched its operations in the United States, it should look to expand its gross sales through fellow suppliers across the country. Thus, information on Texas rebates can have a significant influence on the business.

Nikola and ElectraMeccanica do not have, but have significant manufacturing. However, everyone has aspirations that have caught the curiosity of investors. Manufacturing of the SOLO EV has only just begun, and ElectraMeccanica has mentioned that it is expected to announce the site selection for a brand new meeting center and engineering tech center in Arizona or Tennessee at the end of this month. .

Nikola has been in the news generally since a short seller report known as the firm’s “complex fraud” in September simply after he brought in a settlement with GM. Traders anticipate a one-sided close with GM now as a verification of the company’s legitimacy.

These three EV companies have their own scenarios. However, stocks are additionally benefiting from a general rise in curiosity within the sector.

NIO Stock – Why Three Very Completely Different Electric Vehicle Stocks Are On The Rise Right Now

About Dawn Valle

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