over 2 years ago • 1 min
Since Rivian hit the stock market last week, electric vehicle (EV) mania has returned in a big way.
As the chart above shows, the market values of Rivian and Lucid, another California-based EV maker, now exceed those for established Michigan firms General Motors and Ford – despite near-zero revenues. Rivian has even overtaken Volkswagen, leaving it trailing only Toyota and Tesla.
Rivian, Lucid, and Tesla were the three most mentioned stocks on Reddit’s WallStreetBets forum on Tuesday, according to data firm Quiver Quantitative.
We’ve already ridden out a fews bouts of EV mania since the current bull market began in March 2020. But this latest surge has a truly American flavour, with Chinese-based producers like Xpeng and NIO failing to see the same boost as in late 2020 or early 2021. Perhaps investors are shunning Chinese stocks after getting burned earlier in the year by the government’s “common prosperity” crackdowns.
Investors keen to snap up shares of early-stage EV firms will have another chance on Wednesday when Germany’s Sono begins trading in the US with the ticker SEV. The firm, which doesn’t even plan to begin producing its solar-powered EV until 2023, is raising $150 million selling shares at $15 each. Let’s see if investors flock to this stock like they have to Rivian.
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