The electric vehicle stock rally received a new confidence boost from Wedbush Securities on Monday that there is now a « major flexion » in electric vehicle demand worldwide.
Wedbush analyst Daniel Ives raised his best-case price target for Tesla from 800 to 1. $ 000, which equates to a premium of 104% by the close of trading on Friday. Tesla shares even rose 6. 7% Monday, an all-time high of $ 522. 22nd. The share has set new records in two of the last three trading days.
Smaller upstarts followed with Nio Inc. . , Workhorse Group Inc. . , Nikola Corp. . , Lordstown Motors Corp. . , XPeng Inc. . , Li Auto Inc. . and Ayro Inc. . all rallied, far outperforming the broader market. This also benefited the EV supply chain and other related stocks with stocks in financial technology company Ideanomics Inc. . Jump up to 87%. The company’s EV division offers group purchase discounts for commercial vehicles and announced Monday morning that it had closed its stake in electric tractor company Solectrac Inc. .
While many electric vehicle stocks caught investor attention earlier this year, the rally peaked last week after it was announced that Tesla will soon be part of the S&P 500 index, suggesting index investments are on the rise Gain momentum. A strong focus on the introduction of electric vehicles in China and the US. S.. . President-elect Joe Biden’s pledge to develop the industry also added to the mood, which is reflected in a flurry of new companies trying to enter the public markets.
Tesla, Inc. . , Stock, NASDAQ: TSLA, Wedbush Securities, S&P 500 Index, NASDAQ, Daniel Ives
World News – US – Tesla’s relentless surge drives EV peers amid growing optimism
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