EV stocks: Nikola and Hyliion jump after earnings, startups in reverse, Tesla a value play yet?
oatawa/iStock via Getty Images

The electric vehicle sector started off Thursday trading mixed with some key earnings reports and guidance update taking the focus off a general risk-off trade in the market due to the Russia invasion of Ukraine.
Notable gainers included Nikola (NKLA
+6.3%), Hyliion Holdings (HYLN
+7.3%), XL Fleet (XL
+3.7%), Embark Technology (EMBK
+4.1%) and AEye (LIDR
+4.5%). Both Nikola and Hyliion reported earnings and issued satisfying guidance/production updates.
The biggest decliners were mainly low-revenue startups with Vicinity Motor (VEV
-6.5%), Arrival (ARVL
-7.2%), Aeva Technologies (AEVA
-6.2%), Mullen Automotive (MULN
-7.2%) and Sono Group (SEV
-7.6%) all lower.
Tesla (TSLA
-1.2%) has recovered quite a bit from its early loss of more than 7% which pushed shares to a 2022 low. The stock is solidly below all its moving averages for the first time in several years, which has some bulls buzzing.
What about the broad market on Thursday? The Dow Jones, Nasdaq, S&P 500 tumbled and bonds yields dove after Russia invaded Ukraine.