ChargePoint, Workhorse Group and QuantumScape pace big day for electric vehicle stocks
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The electric vehicle stocks showed strong gains in midday trading on Tuesday after a relaxation of tension around the Russia-Ukraine conflict has sent the broad stock market higher and some investors back into high-growth story stocks.
The biggest gainers in the sector included Volcon Motors (VLCN
+17.9%), Blue Bird Corporation (BLBD
+14.3%), ChargePoint Holdings (CHPT
+12.2%), Workhorse Group (WKHS
+8.5%), Beam Global (BEEM
+7.7%), QuantumScape (QS
+8.3%), Electrameccanica Vehicles (SOLO
+7.7%) and Sono Group (SEV
+7.0%).
Green Power Motor Company (GP
+7.3%) broke higher with ROTH Capital Partners upgrading the stock to a Buy rating off its view that EV school bus subsidies will likely materialize quickly.
Rivian Automotive (RIVN
+4.8%) gained after Soros Fund Management and Tudor Investment were among the hedge funds that disclosed being long at the end of the year.
Fisker (FSR
+5.0%) also jumped after opening up reservations for second EV model.
Tesla (TSLA
+4.3%) showed a solid gain as investors brushed off reports that South Koreaâs Fair Trade Commission may fine the automaker for misleading ads.
XPeng (XPEV
+6.6%) was the leading gainer of the Chinese EV stocks.
Lucid Group (LCID
+3.5%) was also higher with the Saudi sovereign wealth fund confirming its large stake.