Electric vehicle stocks ride higher after Super Bowl exposure, hedge fund love
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Electric vehicle stocks gained on Monday morning after the Super Bowl was filled from start to finish with commercials highlighting new EV models and sustainability benefits. As has been typical in 2022, EV stocks are also moving in the same direction as the Nasdaq 100.
Earlier gainers on Monday included Rivian Automotive (NASDAQ:RIVN)
+8.2%, Lucid Group (NASDAQ:LCID)
+7.0%, TuSimple (NASDAQ:TSP)
+6.4%, Volta Inc. (NYSE:VLTA)
+4.6%, Canoo (NASDAQ:GOEV)
+4.3%, Hyzon Motors (NASDAQ:HYZN)
+4.1% and Nikola (NASDAQ:NKLA)
+4.0%. General Motors (NYSE:GM) is down 0.75% even though it was one of big spenders on Super Bowl EV exposure.
Rivian (RIVN) appears to have received any extra boost after hedge funds Coatue Management LLC and Soros Fund Management disclosed that they added shares in Q1.
Tesla (NASDAQ:TSLA) is also having a good start to the week with an opening push of 2.0%. A report that indicated the manufacturing capacity of the Tesla Gigafactory in Shanghai will increase to more than one million cars a year in the near future is helping to boost sentiment. A price target on Tesla (TSLA) to $1,350 is also in the mix.
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