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. Below, let's check in with the EV giant and two of its sector peers.
TSLA was last seen up 5.3% to trade at $187.47, amid 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, and is testing its 120-day trendline today. Tesla stock is down 24.4% this year.
Rivian Automotive Inc (NASDAQ:RIVN) stock is modestly above breakeven to trade at $10.88 at last glance, and could snap a four-day losing streak after getting rejected at its 100-day trendline last week. Despite tacking on 32% since its April 16, record low of $8.26, the EV stock still carries a 53.5% year-to-date deficit and recently faced rejection at its 100-day trendline.
General Motors Co (NYSE:GM) hasn't always been synonymous with EVs, but the car manufacturer has been making strides to
enter the sector. The company is in the news today after union members voted to ratify a labor agreement that includes a 30% wage increase over three years for several workers. GM is 1.3% higher to trade at $47.37 at last check, and sports a 24.8% year-over-year lead after scoring a June 12, two-year high of $49.34. Shares have come a long way since their Nov. 10, four-year bottom of $26.30.