Electric vehicle (EV) stocks are on the rise Wednesday for a couple of reasons investors will want to know about.
First off, the ongoing strikes of the United Auto Workers (UAW) are getting more serious. These workers are striking against the “Big Three” automakers: Ford (NYSE:F), General Motors (NYSE:GM) and Stellantis (NYSE:STLA).
As the strikes continue, shares of alternative automotive companies are getting a boost. Adding to this, President Joe Biden recently showed support for the UAW by joining a picket line in Michigan.
Shahar Silbershatz, CEO of business intelligence firm Caliber, told The Intercept the following about how the strikes are affecting the Big Three:
“87 percent of respondents told us they were aware of the strike […] It’s clear the strike is not just causing commercial repercussions, but reputational repercussions as well.”
Adding to this, Lucid (NASDAQ:LCID) is celebrating the opening of its first international manufacturing plant. The company is opening this new facility in Saudi Arabia. This also marks the first opening of a car manufacturing facility in the country.
Let’s get into how EV stocks are reacting to these bits of news below!
EV Stocks Up Today
- Rivian Automotive (NASDAQ:RIVN) stock starts us off with the EV company’s shares climbing higher in earlier trading, only to slip below yesterday’s close as of this writing.
- Lucid joins our list with LCID stock getting a 1.3% boost as of Wednesday morning.
There’s more stock market news traders need to know about below!
We’ve got all of the hottest stock market news worth reading about on Wednesday! A few examples of this include what’s going on with shares of Blink Charging (NASDAQ:BLNK) stock, Amazon (NASDAQ:AMZN) stock and Meta Materials (NASDAQ:MMAT) stock. All of that news is ready to go at the links below!
More Stock Market News for Wednesday
- Why Is Blink Charging (BLNK) Stock Up 9% Today?
- Amazon Antirust Lawsuit: What Would a Potential Split Mean for AMZN Stock
- MMAT Stock Alert: The $6.2 Million Reason Meta Materials Is Up Today
On the date of publication, William White 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.