Electric vehicle (EV) stocks are on the move Friday with interest in the alternative to combustion engines growing.
According to Cars.com, interest in EVs is increasing as rising gas prices steer consumers away from typical vehicles. That’s resulted in a 173% jump in EV searches on Cars.com compared to the same time last year.
Jenni Newman, editor-in-chief for Cars.com, said this about the EV search interest.
“Recent macro events including historic inflation, rapidly rising gas prices, and debate over oil production and supply have transformed consumers’ mere curiosity about EVs to an unprecedented level of interest.”
Wall Street also has high expectations for the EV industry, especially Tesla (NASDAQ:TSLA). Analysts are exepcting record deliveries from the company during its most recent quarter. Current estimates place that at 309,158 EV deliveries.
Finally, President Joe Biden is adding materials for EV battery manufacturing to the Defense Production Act. This opens the way for more lithium mining companies to focus on EV battery production in the U.S.
Keeping all this recent news in mind, let’s take a look at what’s happening to EV stocks today below!
EV Stocks on the Move
- Tesla stock is up slightly as of Friday morning.
- Nio (NYSE:NIO) shares are gaining more than 7% as of this writing as Chinese EVs saw deliveries rise in March.
- Li Auto (NASDAQ:LI) stock is increasing over 8% this morning alongside the delivery news.
- Fisker (NYSE:FSR) shares are getting a more than 1% boost in trading today.
- Xpeng (NYSE:XPEV) joins the other Chinese EV stocks jumping on delivery news with an over 8% rise this morning.
There’s more stock market news that traders will want to dive into below!
We’ve got all the latest stock market news that investors need to know about today. Among that is BlackBerry (NYSE:BB) stock slipping after earnings, this morning’s biggest pre-market stock movers, as well as details on the GameStop (NYSE:GME) stock split. You can find out all about these matters at the following links!
More Stock Market News for Friday
- Is BB Stock a Buy After Earnings? 3 Analysts Weigh In on Blackberry Prices.
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- When Is the GameStop Stock Split Date? What Will Happen to GME Stock?
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.
