Buyers stepped in after more automotive firms adopted Tesla’s (TSLA) charging as the standard. Ford (F), Polestar (PSNY), GM (GM), Mercedes-Benz, and Rivian (RIVN) are among the firms adopting Tesla’s charging standard.
Though Tesla had a nice run-up for the year, it is still below its all-time high. Hold Tesla.
Rivian’s 54% weekly gain is absurdly up too high, too fast. The short float is 10.69%. Bears panic closed their position after betting against the stock for too long. RIVN stock did not break below the $13-$15 range for most of 2023. It could trend higher from here.
Fisker (FSR) wants to sell a mainstream EV at fair prices. This is a financial mistake. Shorts have a 38.29% short float against the company because Fisker will lose more money as unit sales climb. Tesla may cut prices at any time. This hurts Fisker’s addressable market.
Lucid (LCID) attracted 9.8% in short float. Shares have a technical “double bottom” at $6.00. The chart suggests the selling pressure ended. In addition, Saudi Arabia increased its investment in the firm. Lucid also won an electric motor and battery supply deal. Aston Martin will pay over $450 million. Aston Martin needs to accelerate its electrification strategy by getting access to Lucid’s electric powertrain technology. Lucid offers two motor drive units. Lucid will provide technical support in integrating its technology into Aston Martin vehicles.
