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EV Startup’s 85% Rally Leads Peers’ Surge on Biden Optimism
- Biden’s presidential win and strong peer results boost stocks
- Nio gives up earlier gains to plunge 16% after Citron comments
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Electric vehicle startups extended their winning streak on Friday, buoyed by strong earnings results from some of their peers and Joe Biden’s presidential win.
ElectraMeccanica Vehicles Corp., Nikola Corp. and Lordstown Motors Corp. all surged higher, while Tesla Inc., the established front-runner in the space, sat out the rally. Nio Inc., whose shares rose sharply earlier in the day, reversed their gains to fall as much as 16%, after Citron Research said it was “time for investors to rotate out” of the stock.