Despite NASDAQ’s weak performance, U.S. electric vehicle (EV) stocks rallyed at once.
This is attributed to the fact that EV stocks have once again proven to be the trend on Wall Street, with Super Bowl ads, the top sports festival in the U.S., being plastered with electric cars and legendary hedge fund investor George Soros holding large amounts of Rivian shares.
Tesla’s rival Rivian and another startup Lucid surged more than 6%, while Tesla also rose nearly 2%.
Rivian’s stock price soared more than 6% on news that hedge fund legend Soros holds $2 billion in Rivian shares, dubbed Tesla’s rival.
On the New York Stock Exchange on the 14th (local time), Rivian jumped 6.46% from the previous trading day to $62.65. Rivian’s stock price once soared 10% during the day.
This seems to be because Soros is known to hold a large number of Rivian shares. Soros reported in a report submitted to the Securities and Exchange Commission last week that it holds $2 billion worth of Libian shares.
Soros was found to have purchased a large number of Rivian even though he disposed of a large number of large technology stocks ahead of the Fed’s rate hike.
This is interpreted as meaning that Soros is looking brightly at the future of electric vehicles, which seems to have soared not only in Rivian but also in other electric vehicle companies.
◇ Lucid also jumped more than 6%: Lucid also jumped 6.19% from the previous trading day to $27.44 on the New York Stock Exchange.
Lucid once again proved that electric vehicles were the trend, with Super Bowl advertisements plastered with electric vehicle advertisements, and Soros purchased a large number of shares of rival Rivian and graded them as the stock price of Rivian soared.
Tesla also rose nearly 2%: Tesla, the leading U.S. electric vehicle maker, also rose 1.83% from the previous trading day to $875.76.
In addition to Soros’ investment in electric vehicles and Super Bowl advertisements, an electric vehicle analyst’s raising of Tesla’s target price also seems to have helped boost stock prices.
Electric vehicle analyst Piper Sandler maintained Tesla’s rating at “buy” and raised the target price to $1,350.
Meanwhile, NASDAQ, the center of technology stocks, closed 0.24 points (0%) lower than the previous trading day.
