RIVN, EVGO, and NIO are all EV names that need to be monitored
The end of the year, a typically bullish period for the S&P 500 Index (SPX), is quickly approaching. And with President-elect Donald Trump making his cabinet picks, this is shaping up to be an interesting start to the new year. With this in mind, we're taking a look at electric vehicles (EV), a sector that's being closely monitored given Trump's plans for harsh tariffs on China and his close ties with Tesla (TSLA) CEO Elon Musk.
Rivian Automotive Inc (NASDAQ:RIVN) is making big moves today, last seen 13.9% higher to trade at $11.66. Coincidentally, the equity is receiving a lift following a settlement with Tesla. The latter said it reached a "conditional" settlement in regards to a 2020 lawsuit that accused Rivian of poaching employees and theft of EV trade secrets. Despite today's pop, RIVN remains nearly 50% lower year to date.
Shares of EV fast charging network company Evgo Inc (NASDAQ:EVGO) are also performing well today, trading 3.4% higher at $6.58 at last glance. Shares have tumbled in recent weeks, down 14.5% in November as traders grapple with the potential implications of Trump's proposed policies. However, EVGO remains 11.3% higher over the last 12 months, with an 87.7% year-to-date gain to boot.
U.S.-listed shares of China-based EV maker Nio Inc -- ADR (NYSE:NIO) are trading lower this afternoon, following a bear note at Goldman Sachs. The analyst downgraded NIO to "sell" from "neutral" and cut its price target to $3.90, citing a myriad of issues including a tough path to profitability. Last seen 2.8% lower at $4.71, Nio stock now sports a 48.2% year-to-date deficit.