Shares of electric vehicles which have seen volatility in recent sessions rose in pre-market trading on Thursday.
Trio of catalysts driving an EV rally: The broader market is advancing, with futures pointing to a higher opening on Wall Street. S&P 500 futures are up nearly 1%, Dow futures are up 0.85% and Nasdaq 100 futures are up 1.22%.
The positivity hinges on indications that lawmakers could come to a deal to avoid a U.S. government default.
Giant EV Tesla, Inc. (NASDAQ: TSLA) is scheduled to hold its annual meeting of shareholders on Thursday after the close. While no decisive announcements are expected at the end of the meeting, investors are eagerly awaiting updates on the opening of the Giga Texas plant as well as Giga Berlin. The company could also shed some light on the Cybertruck’s production schedule.
Related Link: Why This Analyst Thinks Tesla Stock Is Worth Far Less Than Its Current Valuation
Chinese electric vehicle giant Nio, Inc. (NYSE: NIO) was shot in the arm for affirmative action from an analyst. Goldman Sachs analyst Fei Fang downgraded Nio shares from Neutral to Buy while keeping the price target at $ 56. The analyst attributed its positive stance to the potential presented by the company’s upcoming ET7 sedan model.
The action on the prices of electric vehicles:
In pre-market Thursday, Tesla shares rose 0.89% to $ 789.70.
Nio jumped 5.08% to $ 35.37.
XPeng, Inc. (NYSE: XPEV) shares were up 3.41% to $ 36.97.
Li Auto, Inc. (NASDAQ: LI) was up 3.32% to $ 28.30.
Related Link: What This Analyst Likes About XPeng and Nio Third Quarter Shipment Updates
Photo: the XPeng P7 wing.
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