Stock

Why Rivian Automotive Stock Zoomed Again Today

What happened

Shares of new initial public offering (IPO) electric car upstart, and purported Tesla-killer Rivian Automotive (NASDAQ:RIVN) tore up the track yesterday, racing out of the gate on IPO Day to score a 29% gain.

Do you think a gain of that size might have caught a few investors’ attention, and enticed them to try to join in the momentum trade? It did. Today as of 10:45 a.m. EST, Rivian stock is up another 10%.

Two smiling kids in a battery powered toy truck.

Image source: Getty Images.

So what

But seriously, that’s all that’s happening today. There is literally no new news to justify today’s rise in stock price. No news to explain why Rivian is now — as Barron’s puts it — “the most valuable U.S. auto maker after Tesla.”

Now what

With a market capitalization rapidly approaching $114 billion, Rivian stock is now more expensive than either General Motors ($89 billion) or Ford Motor

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Volvo Cars hopes to raise $2.9 billion in its stock IPO

STOCKHOLM/LONDON — Geely-owned Volvo Cars plans to raise 25 billion Swedish crowns ($2.9 billion) through an initial public offering (IPO), the Swedish carmaker said on Monday of what would be one of Europe’s biggest listings this year.

Volvo said it will list on the Nasdaq Stockholm stock exchange this year and that Chinese owner Geely Holding would remain its biggest shareholder.

In 2018, Volvo Cars and Geely, which also owns an 8.2% stake in Sweden’s Volvo Trucks, postponed plans to float shares in the Swedish carmaker, citing trade tensions and a downturn in automotive stocks.

“Volvo Cars believes that its unique structure and focused strategy makes it one of the fastest transformers in the global automotive industry, with mid-decade ambitions dedicated to electrification, sustainability and digitization,” the Swedish company said in a statement.

Like a number of other carmakers, Volvo has committed to shifting its entire car range to fully-electric

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REE Stock Can Surprise Investors With a Comeback

Are you in the market for a low-priced stock with multi-bagger potential? Consider electric vehicle (EV) systems up-and-comer REE Automotive (NASDAQ:REE). It’s a risky proposition, I’ll concede, as REE stock isn’t doing particularly well in 2021 — but it just might pay off.

electric vehicles charging at a charging station. electric vehicle stocks

Source: Scharfsinn / Shutterstock.com

To give you a quick primer, REE Automotive doesn’t actually manufacture cars. Rather, the company makes REEBoard, a modular system used to hold the battery and other components.

Additionally, the company makes REEcorner: a system designed to hold powertrains, steering and braking within a wheel well. It’s also important to know that REE Automotive is a product of a special purpose acquisition company (SPAC) merger.

As we’ll see, some traders have been putting negative price pressure on the stock. If you’re willing to take a chance on a possible hidden gem in the EV market, though, then let’s see what’s

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NIO Stock Drops After Fatal Crash Involving Self-Driving Technology

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A Nio ES8, the vehicle involved in the crash, at the Shanghai International Automobile Industry Exhibition in 2021.


Hector Retamal/AFP via Getty Images

Shares of Chinese electric-vehicle maker

NIO

were weak Monday morning following several reports of a fatal accident involving the company’s self-driving features.

NIO shares were down about 5% in premarket trading Monday.

S&P 500

and

Dow Jones Industrial Average

futures were both down about 0.3%.

The fatal crash took place this past week in China and involved the company’s ES8 sport-utility vehicle, or SUV. The vehicle is equipped with several driver assistance functions, including features enabled by

Intel

(ticker: INTC) division Mobileye, that enable some forms of autonomous driving. NIO’s driver assistance functions are called NIO Pilot and employ cameras as the so-called eyes of the car.

NIO has other autonomous driving technology, referred to as NAD, such as radar, lidar—a laser-based

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