Tesla Inc., (NASDAQ: TSLA) the biggest Ev-maker, and Nio’s (NASDAQ: NIO) stocks have been surging amidst other EV-makers who saw a decline. The EV-makers had been experiencing significant downfall the past week. However, it seems that they covered it up and their stocks are soaring. But the situation is not the same for all.
TSLA Stock Performance
Tesla’s shares skyrocketed to $1,188.6 today. This indicates a surge of 5% in the early market hours. It touched the peak of $1,194.22 just within 25 minutes of the market opening. This sudden surge took place following CEO Elon Musk’s tweet about Tesla Model S Plaid being launched in China in the month of March next year. However, this wasn’t a direct tweet but a reply to a question by a fellow follower about the car’s launch in China. The car is set to be priced at $129,990.
Earlier, the Tesla shares had shot up in the pre-market hours by 2.5% to $1,165. This was much needed after the decline that took place on Friday. That same day Tesla had soared by more than 3% after which it fell by 0.60% to $1,082.43. Though the decline was not much, it could have worsened.
NIO Stock Performance
NIO, a Chinese EV-maker’s shares have also surged lately. The stocks surged by 10.19% to $42.56 during the early market hours Monday. It surpassed its earlier peak of $42.40 in a matter of few minutes. However, it is still far below its 1-year target of $60. Earlier, it had closed at $38.66 at the end of last week. Its current valuation is more than $67.2 billion.
EV competitors
Lucid Motors and Rivian Automotive Inc. have seen significant decline in their stock prices again. Rivian shares are down by 8.5% to $117.67 today. Further, Lucid shares are down by 1.85% to $54.17. They had been ruling the stock market for a while, however, since the end of the last week they have seen a decline. Moreover, the recent debutant, Sono Group N.V. whose stocks soared by more than 154% on its opening day, has seen a decline following that. Today, the shares are down by 15.03 to $21.07.
It will be interesting to see how these EV-makers perform in the near future- Will they soar or dip!
