Why Are EV Stocks LCID, RIVN, NIO Up Today? | Cars & Technology

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Source: Nick Starichenko/InvestorPlace.com

Good news from Tesla (NASDAQ:TSLA) is sending many electric vehicle (EV) stocks up today. Indeed, the sector leader is surging on news that it has secured approval to start rolling out its full self-driving (FSD) technology in China. This news provided the boost that TSLA stock certainly needed after a difficult month. But the positivity today has also spread to many of Tesla’s peers, pushing up EV stocks across the board. Among today’s market winners are trendy startups Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN) as well as Chinese EV producer Nio (NYSE:NIO).

With these names in the green after a difficult stretch, does this news mean the EV sector is finally bouncing back from its multi-month slump? Tesla still faces plenty of challenges. But today’s rally is worth a closer look as it pushes up many of the space’s top players.

What’s Happening With EV Stocks?

Watching EV stocks rise today on the back of a Tesla announcement is reminiscent of the sector’s glory days in 2022. Back then, whenever Tesla announced something remotely positive, the news was…

Source investorplace.com

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