Multiple electric-vehicle (EV) stocks are rallying this morning after one of the names in the sector, Rivian (NASDAQ:RIVN), reported that it was on track to meet its latest 2022 production target. Additionally, well-known fund manager Cathie Wood bought a significant number of the shares of the world’s most successful EV maker, Tesla (NASDAQ:TSLA), on weakness yesterday.
Among the EV stocks advancing today are TSLA, up 5% to $250, China’s Nio (NYSE:NIO), which is climbing 7.8% to $16.70, and Lucid (NASDAQ:LCID), rising 8.4% to $15.27.
EV Stocks: The News 91¶¶Òõ Rivian and Tesla
Rivian reported yesterday that it had produced 7,363 EVs in the third quarter. Moreover, the automaker reiterated that it expects to manufacture 25,000 EVs in 2022.
Meanwhile, Cathie Wood’s ARK Innovation ETF (NYSEARCA:ARKK)
of TSLA stock and her ARK Next Generation Internet ETF (NYSEARCA:ARKW) snapped up another 23,833 shares of Elon Musk’s EV maker.
Wood’s moves came after TSLA stock tumbled 8.6% yesterday. The shares disclosed over the weekend that it had delivered 343,000 EVs in Q3, way above the 241,300 that it had delivered in the same period a year earlier. However, analysts, on average, had expected TSLA to unload 364,660 EVs last quarter, CNBC reported, citing FactSet.
Nonetheless, a number of Wall Street analysts For example, Oppenheimer’s Colin Rusch wrote that the data indicates that Tesla’s fourth quarter deliveries will be “strong,” and he does not believe that the demand for the company’s EVs is falling, according to The Fly. The analyst kept an “outperform” rating on the EV stock.
Also still bullish was Wedbush’s Dan Ives. Like Rusch, the analyst expects tesla’s Q4 deliveries to be impressive, and he called the Q3 miss a “logistical speed bump,” The Fly reported.
On the date of publication, Larry Ramer owned shares of RIVN stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
