Smaller electric vehicle (EV) stocks were up in trading today without any particular catalyst to speak of, though bullish news boosted three of these names last month.
Workhorse (NASDAQ:WKHS), Arcimoto (NASDAQ:FUV), Canoo (NASDAQ:GOEV) and Electrameccanica (NASDAQ:SOLO) were all up more than 10% in trading on Thursday. Meanwhile, Ideanomics (NASDAQ:IDEX) was up nearly 20% on the day, after surging more than 170% over the past few months.
Notably, all but Ideanomics have high short interest, reminiscent of the market conditions that attracted Robinhood and Reddit investors to names like Gamestop (NYSE:GME) and AMC (NYSE:AMC) in recent weeks and precipitated a short squeeze.
As a commercial-EV maker, Workhorse stock benefited especially from President Joe Biden’s announcement of plans to electrify the federal fleet last week. Meanwhile, Arcimoto announced a deal to build a new manufacturing facility last month.
Canoo was linked to rumors last month of a potential Apple (NASDAQ:AAPL) iCar coming via a partnership with Hyundai (OTCMKTS:HYMTF) and Kia. Hyundai and Canoo announced a partnership last year, and some speculate that could lead to Canoo’s involvement with the project.
There hasn’t been a recent catalyst for SOLO stock, but taken together, the growth in these smaller EV names speaks to broader bullish sentiment surrounding the sector.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.
