Market News

TSLA Carries the EV Sector Higher

Don’t feel alone if you think the electric vehicle market is looking volatile lately. A lot of people feel that way. Just look at the news out of Tesla (NASDAQ:TSLA) these days, which proves overwhelmingly there’s a lot going on in the sector in general.

First, Tesla confirmed plans to invest $3.6 billion in Nevada to expand the current 5.4 million square foot Gigafactory located there. The expanded factory will then turn its focus to producing electric semi-trucks and cell batteries. The move is intended to get Tesla closer to its larger goal of 50,000 trucks produced annually in North America.

Second, Tesla’s latest earnings report turned out to be positive for the entire industry. Not only did Tesla rise substantially on the results, but several other electric vehicle stocks also saw gains. Helbiz (NASDAQ:HLBZ) proved the big winner, increasing nearly 12% at one point. However, several stocks saw much more reasonable gains in the 3% to 4% range, which included names like Xpeng (NASDAQ:XPEV), Sono Group (NASDAQ:SEV), and Polestar Automotive (NASDAQ:PSNY).

Overall, the iShares self-driving EV and Technology ETF (IDRV) is down 14.9% in the last year.


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