Rivian R1T all-electric truck in Times Square on listing day, on Wednesday, Nov. New York 10, 2021.
Ann-Sophie Fjello-Jensen | AP
Beaten-up shares of several electric-vehicle start-ups traded sharply higher Thursday morning.
Rivian Automotive after market close on Wednesday reported a first-quarter loss that was narrower than Wall Street had expected, and Lordstown Motors announced a crucial deal to sell its Ohio factory had closed.
The stocks were up roughly 22% and 45%, respectively, in mid-morning trading.
Here are some other major EV stock moved, as of 11:30 am in New York:
Many of the EV names making the biggest moves were former “meme stocks” that had run up sharply last year on intense interest from retail investors. Two of the most prominent meme stocks, GameStop and AMC Entertainment, were also sharply higher Thursday — up double digits each — with trading in GameStop halted several times for volatility.
Even with the sudden rally, all the EV stocks are still trading far below their 2021 highs. The tech-heavy Nasdaq Composite Index is still roughly 30% off its record high.
Notably absent from the list of big EV movers Thursday was Tesla, industry leader in electric vehicle production. Tesla shares were hovering around flat mid-morning.
Traditional automakers Ford Motor and General Motors were faring even worse, down 1% and 4%, respectively, after Wells Fargo analyst Colin Langan cut the bank’s ratings on both to “underweight” late Wednesday night.