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Electric vehicle roundup: Gains for Nikola, Aurora, XPeng; setback for Tesla in India – Seeking Alpha

Tesla"s Stock Hits Two And Half Year Low As Analysts Continue Downgrading The Company

Justin Sullivan/Getty Images News

Justin Sullivan/Getty Images News
A number of electric vehicle stocks pushed higher in Friday morning trading as the sector stays tightly correlated with some of the recent sentiment on the tech sector and high-growth names.
Notable gainers included Aurora Innovation (AUR +9.3%), XPeng (XPEV +7.7%), Li Auto (LI +7.0%), Embark Technology (EMBK +7.5%), Faraday Future Intelligent (FFIE +7.3%), Vicinity Motor (VEV +7.5%), Luminar Technologies (LAZR +4.3%), Canoo (GOEV +4.1%), Nikola (NKLA +3.3%) and Microvast Holdings (MVST +5.8%).
Tesla (TSLA +1.3%) trailed that group just a bit. The biggest development of the day so far for Musk and gang is that the company faced another setback in India when its call for tax break on imports was rejected. The Indian government maintained that the rules already allow for automakers to bring in partially-built vehicles and assemble them locally at a lower levy. So far, Tesla (NASDAQ:TSLA) has held back on presenting a formal plan for local manufacturing and procurement from India.
Read a breakdown on Ford Motor’s earnings report.
Enter the Rivian Automotive vs. Lucid Group debate.