TSLA, RIVN, and GM are stocks to watch in the electric vehicle space
The U.S. Environmental Protection Agency (EPA) released new pollution standards this year that will require 56% of all new vehicles sold in the U.S. to be electric by 2032, and at least 13% to be plug-in hybrid or partially electric. Since Tesla Inc (NASDAQ:TSLA) released its Roadster in 2008, the electric vehicle (EV) industry has grown dramatically. But there are three sector names to watch:
We would be remiss if we did not start with TSLA, up 5.3% to trade at $187.47 amid a a legal battle to recognize a shareholder vote approving CEO Elon Musk’s $56 billion pay package. The security has grappled with a ceiling at $190 since late April, while the 120-day trendline above is getting tested today. Tesla stock is down 24.4% this year.
Rivian Automotive Inc (NASDAQ:RIVN) stock is modestly above breakeven today to trade at $10.88, could snap a four-day losing streak. after getting rejected at its 100-day trendline last week. Despite tacking on 32% since their April 16 record low of $8.26, China-based EV stock still carries a heavy 53.5% year-to-date deficit and was rejected by its 100-day trendline last week.