EV Stocks: What’s Driving LCID, XPEV, RIVN, TSLA, RIDE and WKHS Higher Today?

Electric vehicle (EV) stocks are on the rise Monday as several players in the space see their shares soar higher.

A hand holds an electric vehicle battery charger up to a car representing EV stocks.

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The biggest news behind EV stocks rising today has to do with market leader Tesla (NASDAQ:TSLA). The EV company was upgraded from neutral to outperform at Credit Suisse. Analyst Dan Levy points to the current price being an attractive entry point. He also maintained his $1,025 price target for the stock.

With Tesla on the rise, other EV stocks appear to be moving in symphony with it. It’s also worth pointing out that EV stocks have been taking a beating these last few weeks. That means investors could be picking up shares on those lower prices, which would also explain today’s increases.

EV Stocks Racing Higher

  • Lucid (NASDAQ:LCID) stock starts us off with shares gaining more than 7% as of Monday afternoon. With that comes some 22 million shares on the move, as compared to its daily average trading volume of about 70.7 million shares.
  • Xpeng (NYSE:XPEV) shares are up next on the list with the stock rising over 9% this afternoon. Alongside that is some 7 million shares traded, with its daily average trading volume sitting at 11.9 million shares.
  • Tesla takes its spot on the list with the stock running more than 9% higher on Monday. As of this writing, more than 18 million shares have traded, as compared to its daily average trading volume of about 28.4 million shares.
  • Lordstown Motors (NASDAQ:RIDE) shares are riding over 22% higher today. The company’s stock has traded almost 7 million shares, which is quickly approaching its daily average trading volume of 8.3 million shares.
  • Workhorse (NASDAQ:WKHS)  stock finishes off the list of EV shares rising with a more than 15% gain as of this writing. This comes with more than 5 million shares traded, as compared to its daily average trading volume of about 7.4 million shares.

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On the date of publication, William White 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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/01/ev-stocks-whats-driving-lcid-xpev-rivn-tsla-ride-and-wkhs-higher-today/.

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