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.
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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.
