Electric vehicle stocks are on the rise

The battered shares of several electric car startups were trading sharply higher Thursday morning.

After the market closed on Wednesday, Rivian Automotive reported a narrower first-quarter loss than Wall Street expected, and Lordstown Motors announced the closing of a crucial deal to sell its Ohio plant.

Shares are up 22% and 45%, respectively, in mid-morning trading.

Here are some of the other major electric vehicle stocks that moved as of 11:30 a.m. in New York:

Many of the electric car names that made the biggest moves were the ex-MIM stocks, which rose sharply last year amid intense interest from retail investors. Two of the top meme stocks, GameStop and AMC Entertainment, were sharply higher on Thursday — each up by double digits — with GameStop trading halted multiple times due to the volatility.

Even with the sudden rally, all electric vehicle stocks are still trading well below their 2021 highs. The tech-heavy Nasdaq Composite is still nearly 30% off its high.

Tesla, the world’s leading maker of electric vehicles, was notably absent from the list of big electric motors on Thursday. Tesla shares were hovering in the middle of the morning.

Traditional automakers Ford Motor and General Motors fared worse, down 1% and 4%, respectively, after Wells Fargo analyst Colin Langan cut both bank ratings to “underweight” late Wednesday night. .