EV stocks: TuSimple and Arrival pace big recovery, Tesla sluggish and Embark in reverse
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Electric vehicle stocks are having a strong recovery day with Arrival (ARVL
+5.2%), Electric Last Mile Solutions (ELMS
+5.5%), Li Auto (LI
+5.0%) REE Automotive (REE
+4.9%), Hyzon Motors (HYZN
+5.8%), XPeng (XPEV
+4.8%), Lucid Group (LCID
+5.2%), QuantumScape (QS
+4.0%), Nikola (NKLA
+2.7%), Lordstown Motors (RIDE
+2.1%) and Canoo (GOEV
+1.7%) some of the names breaking higher.

Rivian Automotive (NASDAQ:RIVN) is up 2.21% and now trades above its IPO pricing level and at a market cap of just under $80B. Even with the big share price decline from its post-IPO high, Rivian's valuation is still above the caps of Stellantis, Honda, Ferrari and Nio.
TuSimple (TSP
+5.1%) is the leading gainer in the electric vehicle sector after attracting a bull rating from KeyBanc Capital Markets. The firm starts off coverage on TSP with an Overweight rating and $50 price target. "In our view, fully autonomous capabilities represent a must-have technology for the for-hire trucking industry given the potential to lower the cost to serve and improve asset utilization," notes the firm. The company's for-hire carrier model coupled with its Autonomous Freight Network, combined with potential expansion outside of the United States, is believed to broaden the addressable market.
Tesla (NASDAQ:TSLA) is down 0.90%, but is holding its +$1,000 handle. Earlier today, Tesla was reported to have sold 70,847 China-made vehicles in December to mark its highest monthly tally in the region.
The biggest decliner in the sector on the day is Embark Technology (EMBK
-2.4%), which landed an initiation from KeyBanc at a Sector Weight rating. The firm sees 2025 targets from Embark as a "best-case" scenario given implied utilization and believes additional capital may be likely to fund required development through commercialization.
Chart watch: See how RIVN, TSLA, NKLA, LCID, RIDE and NIO compare over the last six months.