EV stocks were amongst major gainers on Monday ahead of a hotly anticipated earnings release from Tesla (NASDAQ:TSLA) due in mid-week.
Rivian Automotive +9.58%, Lucid Group +8.89%, Faraday Future (FFIE) +24.53%, Canoo (GOEV) +5.24%, and Fisker (FSR) +5.6% were amongst notable gainers on the day. By way of Nasdaq stocks, Tesla (TSLA) +5.94% trailed only surging semiconductor leaders when it comes to gains on Monday.
The jump for most of the names adds to a 2023 rebound for much of the sector after steep declines in 2022 and an inauspicious begin to the yr for Tesla (TSLA) particularly.
Moreover, Chinese EV leaders are ringing within the yr of the rabbit with notable gains. Nio (NIO) +9.3%, Li Auto (LI) +6.37%, and Xpeng (XPEV) +8.9% each drove higher on Monday. The rise for the Chinese manufacturers comes despite a deepening price cutting war between major manufacturers within the country, including Tesla.
EV charging stocks, including ChargePoint Holdings (CHPT) +4.19%, Blink Charging (BLNK) +4.24% and EVgo (EVGO) +17.76% also rose sharply on Monday as well. It’s price noting that short interest within the EV charging sector is especially elevated. Searching for Alpha data indicates that short interest in ChargePoint Holdings (CHPT), Blink Charging (BLNK), and EVgo (EVGO) stands at 18.15%, 33%, and 36.29%, respectively.
Read more on the rally kicking off a busy week for earnings.