Electric vehicle (EV) stocks are in vogue today, as it seems the majority of EV names are all accelerating to the upside. The leader in performance today is Lucid Group (NASDAQ:LCID), which is up a staggering 23% at the time of writing. With today’s gains, LCID stock managed to pass legacy automaker Ford (NYSE:F) in terms of market capitalization.
What else has been going on to send these EV players higher today? Let’s take a look at why each EV stock is up.
EV Stocks: Why Is LCID Stock Up Today?
Yesterday, Lucid Group reported Q3 earnings that made investors very happy. The company announced that it had more than 17,000 reservations for its Air model, up from 13,000. These reservations imply an estimated order of more than $1.3 billion.
Lucid also confirmed that it plans on producing at least 20,000 vehicles during 2022, helped in part by expansion of its AMP-1 facility.
Why Is RIVN Stock Soaring?
Shares of Rivian Group (NASDAQ:RIVN) are soaring higher by 15% today after the company went public last week. Since the initial public offering (IPO), shares of RIVN have increased by 118%. The 12-year old startup is now the third-most valuable car company in the world, trailing after Toyota (NYSE:TM) and Tesla (NASDAQ:TSLA).
However, there is no concrete news to back today’s price increase besides speculation from excited investors. Instead, it seems investors are simply still celebrating the company’s recent IPO and riding the EV boom.
EV Stocks: Why Is LI Stock Climbing Higher Today?
Today, shareholders of Li Auto (NASDAQ:LI) are enjoying a 9% boost after Morgan Stanley increased its price target from $36 to $49. The Chinese EV maker also posted October delivery numbers of 7,649 vehicles, up 107% year-over-year (YOY). Li Auto only has one vehicle for sale in its lineup, but it plans on releasing additional vehicles in 2022 or 2023.
Why Is FSR Stock in the Green?
FSR stock bounced higher by 7% today after receiving a price target upgrade from $18 to $24 by Bank of America last week. Like many of its EV competitors, Fisker (NYSE:FSR) is not yet profitable. However, Fisker has plans to release new vehicles in late 2022 or early 2023 and has partnered with automotive manufacturer Magna (NYSE:MGA).
EV Stocks: Why Is GOEV Stock Skyrocketing Today?
Shares of Canoo (NASDAQ:GOEV) are skyrocketing higher by 23% after the EV startup reported a smaller-than-expected loss and an earlier-than-expected production date for its first vehicle. Indeed, Canoo announced that production for the Lifestyle Van will begin before the fourth quarter of 2022.
Additionally, the company reported a loss of 35 cents per share compared to estimates of a loss of 44 cents per share. Investors seem to be happy about these numbers.
Why Is XPEV Stock Charging Up Today?
Xpeng (NYSE:XPEV) shares are trading higher by 5% after the company reported a second consecutive month of more than 10,000 vehicle deliveries in October. Xpeng also recently announced that it would unveil its new smart EV model at the Guangzhou auto show on Nov. 19. The new EV model is likely to be an electric SUV called G7.
On the date of publication, Eddie Pan 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.