{"id":40878,"date":"2023-11-02T22:56:19","date_gmt":"2023-11-02T22:56:19","guid":{"rendered":"https:\/\/prosfunds.com\/investing\/teslas-stock-surges-toward-best-day-in-a-month-as-part-of-a-broad-ev-sector-rally\/"},"modified":"2023-11-02T22:56:22","modified_gmt":"2023-11-02T22:56:22","slug":"teslas-stock-surges-toward-best-day-in-a-month-as-part-of-a-broad-ev-sector-rally","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=40878","title":{"rendered":"Tesla\u2019s stock surges toward best day in a month as part of a broad EV-sector rally"},"content":{"rendered":"
\n

Shares of Tesla Inc. charged up Thursday, putting them on track for their best day in a month and for a third straight gain, as part of a broad rally in stocks of electric-vehicle makers.<\/p>\n

The gains come after the China Passenger Car Association said overnight that Tesla sold 72,115 EVs made in China in October, up 0.6% from a year ago but down 2.6% from September, as Dow Jones Newswires reported.<\/p>\n

\n

Tesla\u2019s stock
\n TSLA,
\n +6.25%<\/bg-quote>
\n shot up 5.1% in morning trading, which would be the biggest one-day gain since it rose 5.9% on Oct. 4. The stock has now run up 9.6% amid a three-day winning streak, which kicked off after it closed at a five-month low of $197.36 on Oct. 30.<\/p>\n

If the gains mostly hold through the close, it would snap a 20-session streak during which the stock failed to post a daily gain of at least 3%, the longest such streak since the 22-day stretch that ended with a 7% gain on Oct. 17, 2022.<\/p>\n

Also read: <\/strong>How Elon Musk responded when billionaire Ron Baron said Tesla could be worth $4 trillion.<\/p>\n

Shares of many other EV makers also saw sharp gains, as the Global X Autonomous & Electric Vehicles exchange-traded fund
\n DRIV
\n powered up 1.6% and has tacked on 3% amid a three-day winning streak. In comparison, the S&P 500 index
\n SPX
\n rose 1.2% on the day and has gained 4.2% amid a four-day winning streak.<\/p>\n

Among the ETF\u2019s components, Nikola Corp.\u2019s stock
\n NKLA,
\n +10.48%<\/bg-quote>
\n hiked up 6.2%, even after the maker of hydrogen-fuel-cell and battery electric semi-trucks reported a wider-than-expected third-quarter loss and negative revenue, and the number of trucks shipped sank to 3 from 63.<\/p>\n

On the bright side, Chief Executive Steve Girsky highlighted the company\u2019s \u201cfirst-mover advantage\u201d with its hydrogen-fuel-cell electric trucks. He also noted the \u201cstrong industry tailwinds\u201d: Starting Jan. 1, 2024, all new trucks registered with the California Air Resources Board for operation in California ports must be zero-emission vehicles.<\/p>\n

Elsewhere, shares of Lucid Group Inc.
\n LCID,
\n +12.10%<\/bg-quote>
\n jumped 6.4%, of Rivian Automotive Inc.
\n RIVN,
\n +9.05%<\/bg-quote>
\n ran up 5.2%, of Fisker Inc.
\n FSR,
\n +10.16%<\/bg-quote>
\n went up 5% and of Workhorse Group Inc.
\n WKHS,
\n +0.83%<\/bg-quote>
\n were up 1.7%.<\/p>\n

Lucid, Rivian and Workhorse are scheduled to report quarterly results on Nov. 7. Fisker\u2019s results are due out on Nov. 8.<\/p>\n

The stocks of China-based EV makers were also climbing, with Nio Inc.\u2019s
\n NIO,
\n +4.56%<\/bg-quote>
\n up 5.2%, Xpeng Inc.\u2019s
\n XPEV,
\n +6.71%<\/bg-quote>
\n rising 8.2% and Li Auto Inc.\u2019s
\n LI,
\n +0.97%<\/bg-quote>
\n advancing 2.4%. Those three companies all reported October vehicle sales on Wednesday, with Li Auto seeing the biggest year-over-year increase.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Tesla Inc. charged up Thursday, putting them on track for their best day in a month and for a third straight gain, as part of a broad rally in stocks of electric-vehicle makers. 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