Rivian R1T fully electric truck in Times Square on listing day, Wednesday, November 10, 2021 in New York.
Ann-Sophie Fjello-Jensen | AP
The battered shares of several electric vehicle start-ups were trading sharply higher on Thursday morning.
Rivian Automotive after the market close on Wednesday it reported a loss in the first quarter tighter than Wall Street expectedAnd Lordstown Motors announced a crucial deal to sell his Ohio factory it had closed.
Shares rose approximately 22% and 45%, respectively, by mid-morning.
Here are some other major moving electric vehicle titles, starting at 11:30 am in New York:
Many of the electric vehicle names that made the biggest moves were former “meme stocks” that had risen sharply last year thanks to intense interest from retail investors. Two of the most important meme titles, GameStop Other AMC entertainmentthey were also markedly higher on Thursday – up by double digits each – with trades on GameStop stopped several times for volatility.
Even with the sudden rally, all EV stocks are still trading well below their 2021 highs. The tech-rich Nasdaq Composite Index is still around 30% below its all-time high.
Thursday was particularly absent from the list of large electric vehicle engines Tesla, an industry leader in the production of electric vehicles. Tesla’s stock was in the balance around mid-morning.
Traditional car manufacturers Ford engine Other General Motors were faring even worse, down 1% and 4% respectively, according to Wells Fargo analyst Colin Langan cut the bank’s ratings on both to “underweight” late Wednesday night.