Shares of a handful of electric vehicle (EV) stocks are making moves on Thursday morning after some positive news from other parts of the world.
EV Stocks Rise on Bullish News From China and the EU
Indeed, the first catalyst driving these EV stocks higher is strong sales data regarding China’s EV sales. After a solid start to the year, analysts are expecting the ball to keep on rolling for these EV companies. In fact, analysts at Deutsche Bank highlighted four of China’s major EV manufacturers’ sales from June in a note to clients on Monday. And more importantly, the firm expects EV sales in China to double this year. According to the firm, automakers’ “sidestepping chips and parts shortages and getting creative around charging,” make this an achievable feat.
The second factor giving EV stocks a boost on Thursday is news from the European Union. The group announced plans on Wednesday to “end the sale of polluting vehicles by 2035.” This scheme would also mean that car companies would need to cut the average emissions of new cars by 55% by 2030. Over the next five years, this number would grow to 100%. This means every new car registered from 2035 on would be a zero-emissions vehicle.
Shares of four of these EV stocks are higher as of Thursday afternoon, with GOEV stock down less than 1%.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Nick Clarkson is a web editor at InvestorPlace.