EV stocks: Mullen pops, Tesla eyes another split and QuantumScape jumps
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The electric vehicle sector started off the week with some forward motion as investors continue to size up the near-term headwinds and overall valuation reset in the market.
Mullen Automotive (NASDAQ:MULN
+10.0%) showed the biggest early gain in the sector after updating investors on its cash position.
Tesla (TSLA
+5.1%) is also motoring higher after setting a shareholder vote next fall for a new stock split. "We view Tesla's move following the likes of Amazon, Google, Apple and initiating its second stock split in two years as a smart strategic move that will be a positive catalyst for shares going forward," noted Wedbush Securities analyst Dan Ives on the development.
Other notable EV gainers in early trading were Embark Technology (NASDAQ:EMBK
+8.5%), QuantumScape Corporation (NYSE:QS
+4.9%), Nio (NIO
+2.9%), Aurora Innovation (AUR
+3.9%), GreenPower Motor Company (GP
+2.2%) and Faraday Future Intelligent Electric (FFIE
-0.5%).
The electric vehicle sector could get a jolt at the end of the week when Chinese EV makers report on monthly deliveries and Tesla posts its quarterly deliveries report.