Rivian R1T All-Electric Truck in Times Square, List Day, Wednesday, November 10, 2021 in New York.
Ann-Sophie Fazello-Jensen | AP
Shares of several electric-vehicle start-ups hit wild and rose sharply on Thursday in largely unspoken trading.
Rivian Automotive reported first-quarter losses after the market closed on Wednesday, narrower than Wall Street expected, and Lordstown Motors announced a significant deal to close and sell its Ohio plant.
Stocks ended the day up 18% and 47%, respectively.
Here are some other EV stocks that took a big upside on Thursday:
Several groups in the group, including Lucid, Fischer, Nicola and Rivian, have recently offered quarterly updates that have outperformed Wall Street expectations and reassured most investors that long-term business plans are on track.
That said, many of the EVs that took the biggest step on Thursday are former “meme stocks” that have risen sharply over the past year in the wake of strong interest from retail investors. Heavy has been shortened from many. High-interest stocks often rise during market rallies, as investors in short positions tend to cover up by buying stocks, which adds upward pressure.
GameStop and AMC Entertainment, two of the most prominent meme stocks, were also sharply higher on Thursday – double digits at one point in each – with Gamestop trading closed several times due to instability.
Even in the midst of a sudden rally, all EV stocks are still trading well below their 2021 high. The technology-heavy Nasdaq Composite Index is still close to its record high of about 30%.
Significantly missing from the list of big EV movers on Thursday was Tesla, the industry leader in the production of electric vehicles. Tesla shares are down about 1% on the day.
Traditional carmakers Ford Motors and General Motors fell more than 3% and 4%, respectively, after Wells Fargo analyst Colin Langan downgraded the bank’s rating to “underweight” late Wednesday night.
Used-car network Carvana, another heavy short stock, rose nearly 25% after hitting more than 40% at one point on Thursday morning.