Shares of electric vehicle makers got a broad boost Monday, after upbeat delivery and production data from a host of companies, including industry leader Tesla Inc. and those based in China.
The Global X Autonomous and Electric Vehicles exchange-traded fund
DRIV,
jumped as much as 1.7% intraday, before paring gains to close up 1.1%. It has climbed 5.7% amid a five-day win streak. The ETF outperformed the broader stock market by a wide margin, as the S&P 500 index
SPX,
inched up 0.1% and the Nasdaq Composite
COMP,
edged up 0.2%.
The ETF’s most-active component was Tesla’s stock
TSLA,
which climbed 6.9% to $279.82, the highest close since Sept. 28, 2022. It has run up 16.1% amid a five-day win streak.
The rally comes after Tesla revealed over the weekend a blowout deliveries report, in which the EV leader said it delivered a record 466,000 vehicles in the most recent quarter, well above expectations of 449,000.
The ETF’s second-most active member was Rivian Automotive Inc.’s stock
RIVN,
which shot up 17.4% to its highest close since Feb. 17, and rocketed 45.4% amid a five-day win streak.
The company reported second-quarter EV production that was more than triple that of a year ago, and deliveries that nearly tripled.
Nio Inc.’s U.S.-listed stock
NIO,
rallied 3.5% to $10.03, the first close above the $10 mark since March 31, after the Shanghai-based EV maker reported June deliveries that jumped 74% from May, but were down 17.4% from a year ago.
Among its China-based peers, the U.S.-listed shares of Xpeng Inc.
XPEV,
advanced 4.2% to the highest close since Sept. 26, 2022, of Li Auto Inc.
LI,
hiked up 3.4% to the highest close since July 21, 2022 and of Boyd Co. Ltd.
BYDDY,
rose 3.1%.
Elsewhere, Lucid Group Inc. shares
LCID,
charged 7.3% higher to a record sixth-straight gain and the highest close since May 31, as the EV sector’s rally helped offset an effective downgrade at Citi Research.
Mullen Automotive Inc.’s stock
MULN,
bucked the trend, as it sank 6.3% toward a record low close of 10.1 cents, even after the EV maker reported last week that it recorded revenue for the first time, and that it was in the “best financial position” in its history.
In an interview on YouTube channel “Financial Journey,” as disclosed on Friday, Mullen Chief Executive Officer David Michery said he doesn’t believe the stock’s price reflects the true value of the company.
He said he expects manufacturing of the Mullen One class 1 last-mile delivery cargo vans to begin in August with “sellable” vehicles available in September.
For the Mullen Three class 3 trucks, with a gross vehicle Weight Rating (GVWR) of 11,000 pounds, Michery said manufacturing will start “right around the corner” in July, with sellable vehicles in August and September.
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