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Rivian reported that it was on track to meet its latest 2022 production target
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Multiple electric-vehicle (EV) stocks are rallying this morning after one of the names in the sector, Rivian (NASDAQ:RIVN), reported that it was on track to meet its latest 2022 production target. Additionally, well-known fund manager Cathie Wood bought a significant number of the shares of the world’s most successful EV maker, Tesla (NASDAQ:TSLA), on weakness yesterday.
Among the EV stocks advancing today are TSLA, up 5% to $250, China’s Nio (NYSE:NIO), which is climbing 7.8% to $16.70, and Lucid (NASDAQ:LCID), rising 8.4% to $15.27.
Rivian reported yesterday after the market closed that it had produced 7,363 EVs in the third quarter. Moreover, the automaker reiterated that it expects to manufacture 25,000 EVs in 2022.
Meanwhile, Cathie Wood’s ARK Innovation ETF (NYSEARCA:ARKK) purchased 108,830 shares of TSLA stock and her ARK Next Generation Internet ETF (NYSEARCA:ARKW) snapped up another 23,833 shares of Elon Musk’s EV maker.
Wood’s moves came after TSLA stock tumbled 8.6% yesterday. The shares sank after the company disclosed over the weekend that it had delivered 343,000 EVs in Q3, way above the 241,300 that it had delivered in the same period a year earlier. However, analysts, on average, had expected TSLA to unload 364,660 EVs last quarter, CNBC reported, citing FactSet.
Nonetheless, a number of Wall Street analysts defended TSLA stock yesterday. For example, Oppenheimer’s Colin Rusch wrote that the data indicates that Tesla’s fourth quarter deliveries will be “strong,” and he does not believe that the demand for the company’s EVs is falling, according to The Fly. The analyst kept an “outperform” rating on the EV stock.
Also still bullish was Wedbush’s Dan Ives. Like Rusch, the analyst expects tesla’s Q4 deliveries to be impressive, and he called the Q3 miss a “logistical speed bump,” The Fly reported.
On the date of publication, Larry Ramer owned shares of RIVN stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been GE, solar stocks, and Snap. You can reach him on StockTwits at @larryramer.
Article printed from InvestorPlace Media, https://investorplace.com/2022/10/why-are-ev-stocks-tsla-rivn-nio-lcid-up-today/.
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