Tesla and Rivian stocks surged in June due to positive investor sentiment in the EV market

From Nasdaq: 2024-07-02 17:14:55

Tesla and Rivian see stock surge

Despite slowing growth in electric vehicle (EV) sales, Rivian Automotive (NASDAQ: RIVN) shares soared by 23%, while Tesla (NASDAQ: TSLA) jumped by 11% in June. Investors turned bullish on Tesla after approving a pay package for CEO Elon Musk, while Volkswagen’s investment boosted Rivian.

VinFast Auto (NASDAQ: VFS) struggled, dropping 12.1% last month, as investors choose winners and losers in the EV race.

EV sales show mixed results

Chinese EV makers reported strong June shipments, including a record for Nio. Tesla also reported strong second-quarter sales, exceeding forecasts. However, Fisker’s bankruptcy announcement impacted struggling start-ups like VinFast Auto, delaying their facility opening.

Investors await updates from Tesla’s earnings on July 23 and Rivian’s second-quarter earnings on August 6 to gauge their investment potential.

Consider investing in EV sector

Tesla and Rivian’s stock surge signals potential in the EV market. However, the Motley Fool Stock Advisor team recommends other stocks for substantial returns. With a track record of success since 2002, their advice could help investors navigate the EV industry and beyond.

Investors should factor in expert insights and historical performance to make informed decisions in the constantly evolving electric vehicle sector.

Read more at Nasdaq: Rivian and Tesla Stocks Soared in June. Does That Signal a Buying Opportunity?