Shares of Arrival (NASDAQ:ARVL) stock are rising fast on Wednesday morning despite a lack of company news. However, words from President Joe Biden on Tuesday have electric vehicle (EV) stocks like Arrival on watch right now.
What did the president say, and why should ARVL stock investors care? Let’s take a closer look.
- While on a virtual tour of Proterra’s electric bus plant on Tuesday, Biden had some choice comments regarding the state of the EV market in the U.S.
- “We have a lot of catching up to do but we’re going to be in a position where we ought to own the future,” he said.
- The president also stated that the U.S. “ought to be the single most significant suppliers of electric buses and vehicles in the world before it’s over.”
- He also said that the country’s EV production and supply is way behind China at the moment.
- That said, Arrival is looking to made a dent in that market after the company went public last month.
- In its release regarding its Nasdaq listing, the firm said it already has plenty of strong interest in its vehicles.
- This includes a “commitment to purchase up to 10,000 electric vehicles from United Parcel Service (UPS), plus an option to order up to an additional 10,000.”
- Moreover, the Arrival Van is expected to begin road trials this summer, with the Bus to start its trials in the fourth quarter of 2021.
- The, production for the Bus will start in Q4 2021 — with manufacturing of the Van to start in the second half of 2022.
ARVL stock was up 8.6% as of Wednesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.