EV stocks like Tesla and Rivian surge as strong delivery numbers lead to positive gains

From Nasdaq: 2024-07-02 19:13:00

The market has seen a shift from the AI frenzy to a resurgence of the EV theme, driving stock gains for Tesla (TSLA) and Rivian Automotive (RIVN) after strong delivery numbers. Tesla’s Q2 deliveries reached 444k vehicles, while Rivian produced 9.6k and delivered 13.8k vehicles, reaffirming a 57k annual production guidance.

Amid positive delivery numbers, Tesla shares rebounded with a nearly 40% gain in the last month, outperforming the S&P 500. Rivian Automotive also rose 34% recently but remains down 30% YTD, with both companies emphasizing future production goals in their quarterly releases.

The EV theme gains momentum with Tesla and Rivian’s strong delivery numbers, hinting at a shift in sentiment as infrastructure stock investments are set to boom in the U.S. with bipartisan trillions set to be spent for rebuilding. Exceptional opportunities lie ahead with 5 special construction and repair companies highlighted for profit potential in Zacks’ free report.



Read more at Nasdaq: EV Stocks Surge: Are They Back?