EV stocks are showing major signs of life
Tesla stock is on pace for a 10-day winning streak, while Rivian and Lucid are also on a tear.
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- Electric-vehicle stocks have surged as second-quarter deliveries beat Wall Street estimates.
- Tesla stock is vying for a 10-day win streak on Tuesday with the rally delivering a 40% gain.
- Rivian and Lucid Group have also seen their stocks rise considerably over the past few weeks.
Electric-vehicle stocks are showing major signs of life after second-quarter deliveries proved to be better than Wall Street estimates.
Tesla notched a nine-day win streak on Monday, with the stock soaring 39%. Shares were up another 1% on Tuesday as the company vies for a 10-day win streak.
Tesla's rally represents a massive turnaround for the company, which went through a series of painful layoffs earlier this year.
At its low in April, Tesla stock was down 43% this year. Today, the stock has wiped out all of those losses and delivered a positive year-to-date gain of about 2%.
After growing concerns of waning EV demand due to Americans favoring hybrid vehicles, Tesla reported second-quarter vehicle deliveries of nearly 444,000 vehicles, which beat Wall Street estimates by about 8,000.
The company also said it deployed 9.4 GWh of energy storage products in the quarter, which represented its highest quarterly deployment ever.
Investors will be laser-focused on Tesla's second-quarter earnings report later this month, followed by the unveiling of its robo-taxi on August 8.
The good news for Tesla has spread to other EV manufacturers in recent days.
Rivian stock has soared 31% since Volkswagen announced a major multi-billion dollar investment in the EV truck company late last month.
The $5 billion deal between Volkswagen and Rivian should inject the company with much needed cash as it seeks to reach profitability by the end of this year, and as it ramps up production of its next-generation trucks.
Rivian also announced second-quarter deliveries of nearly 13,800 vehicles, which represented a year-over-year increase of 9%. The company also reaffirmed its guidance of producing 57,000 vehicles this year.
Finally, Lucid Group, which has suffered a sharp decline since it went public in 2021, appears to finally have turned the corner after it reported second-quarter vehicle deliveries on Monday.
The luxury EV sedan maker said it delivered 2,394 vehicles in the second-quarter, representing a 22% increase from the first-quarter and a year-over-year increase of 70%.
Lucid stock has surged 18% since the start of July and is up nearly 40% from its 52-week low reached in April.