Market News

TSLA, FSR, RIVN Lead Big EV Market Gains

There’s no shortage of news coming out of the electric vehicle market. First, Tesla (NASDAQ:TSLA) surged in Friday trading thanks to new word from M Science. M Science revealed that there was surging demand for the Model Y Tesla sedan in the United States. In fact, all of Tesla’s configurations see increased demand.

Second, Rivian (NASDAQ:RIVN) also shot up thanks to new reports about its production patterns. New reports suggest that the firm is on track to produce 40,000 electric vehicles annually. Some point out that Rivian stock plunged around 75% last year. They’re not wrong. However, others note that the plunge in Rivian shares isn’t really related to Rivian but rather the result of a negative halo effect from the whole market.

Finally, Fisker (NYSE:FSR) blasted up in Friday trading after recently losing ground to a rating change at Morgan Stanley (NYSE:MS). Analyst Adam Jonas revised his projections downward, putting a Sell rating on the stock and lowering its price target once more. Jonas pointed to Fisker’s ability to compete in a heavily-saturated EV market as well as Fisker’s growing need for operating capital as reasons behind the shift.

Overall, the iShares Self-Driving EV and Tech ETF (IDRV) is down 15.57% for the year. However, it’s up 8.75% over the last five days.


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