Tesla and other EV stocks soar as investors bet on shift away from Russian energy dependence
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Electric vehicle stocks soared on Monday as investors weighed the possibility of Russia's attack on Ukraine speeding up the timeline for EV adoption in major nations.
Notable gainers in the sector included Fuelcell Energy (FCEL
+14.8%), Ballard Power Systems (BLDP
+14.5%), Volta Inc. (VLTA
+12.4%), Li Auto (LI
+10.2%), Nio (NIO
+10.0%), Beam Global (BEEM
+9.5%), Lucid Group (LCID
+9.5%), Arrival (ARVL
+10.6%), Aeva Technologies (AEVA
+8.2%), Tesla (TSLA
+7.9%), ChargePoint Holdings (CHPT
+6.8%), Hyliion Holdings (HYLN
+6.4%), Aurora (AUR
+6.7%), Rivian Automotive (RIVN
+7.2%), QuantumScape (QS
+7.2%), Sono Group (SEV
+5.5%) and Blink Charging (BLNK
+4.6%).
Investors seem to be betting that government investments in U.S. and Europe could be accelerated as part of a broader push to reduce reliance on Russia energy.
The biggest gainer of all in the EV sector was Mullen Automotive (MULN
+89.0%), which announced an update on its next-generation solid-state polymer battery technology that the company called a significant advancement over todayâs current lithium-Ion batteries.
"Mullenâs testing of solid-state polymer cells reveals the potential for a 150-kilowatt-hour battery pack that delivers over 600-plus miles of range and highlights an 18-minute DC fast charge which can yield over 300 miles of range. Mullen is working towards utilizing solid-state polymer battery packs in its second generation Mullen FIVE EV Crossovers, with in-vehicle prototype testing set for 2025. Mullenâs first-generation FIVE EV Crossover, due in late 2024, is planned to launch with traditional lithium-ion cell chemistry."
In other positive EV battery news, Panasonic (OTCPK:PCRFY) said it would build a new production facility at its Wakayama factory in western Japan to manufacture new 4680 battery cells for EVs.
Broad market update: Dow Jones, S&P 500, Nasdaq fall as West piles more sanctions on Russia