What’s going on with electric vehicle (EV) stocks today? Tesla (NASDAQ:TSLA), Gores Guggenheim (NASDAQ:GGPI), QuantumScape (NYSE:QS), Fisker (NYSE:FSR), Lordstown Motors (NASDAQ:RIDE), Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN) all gained on Monday. Some of these companies have reported specific news to explain their price action, while the rest seem to be following the upwards trend.
It seems investors can thank to Elon Musk for at least part of this rally. Why?
Over the weekend, Tesla reported impressive first-quarter delivery figures, despite the impact of supply chain issues and Chinese holiday closures. The EV maker reported producing 305,407 vehicles and delivering 310,048 vehicles during Q1. The vehicles delivered figure came above the estimate of 309,158 vehicles. CEO Elon Musk tweeted that Q1 was an “*exceptionally* difficult quarter due to supply chain interruptions & China zero Covid policy.”
Now, Tesla’s delivery figure has put other EV stocks in focus.
Why Are EV Stocks Up Today?
Lucid is in the spotlight as well after an interview with CEO Peter Rawlinson resurfaced. When asked if he plans on raising prices in the short term, Rawlinson explained that Lucid was “committed to honoring prices for existing reservation holders.” However, when asked about long-term price raises, the CEO responded: “I think it would be absolutely foolish of me to say we’re never going to raise our prices.”
Shifting to Gores Guggenheim, or Polestar, the EV maker is up today after receiving a 65,000 vehicle order from Hertz (NASDAQ:HTZ). Automotive News estimates that the order will generate more than $3 billion in revenue. Meanwhile, Polestar has reported that it will fulfill the order during the next five years. In addition, most of the vehicles ordered by Hertz will be in the form of the Polestar 2. The Polestar 2 will be available to rent through Hertz before the end of the year in North America and Australia.
QuantumScape is rising on the heels of a reported partnership with Porsche. According to Manager Magazin, Porsche is developing an electric 911 model that may utilize QuantumScape’s solid-state batteries. Manager Magazin reports that the two companies have already begun working together to incorporate the battery into the electric 911. While the timeline remains vague, the electric 911 could enter production “sometime this decade.” Investors should also note that Volkswagen (OTCMKTS:VWAGY), which is the parent company of Porsche, is the largest shareholder of QS stock. Volkswagen has invested $300 million into QuantumScape since 2018.
On the date of publication, Eddie Pan did not hold (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.