Shares of electric and clean energy vehicle companies, including Nio Inc (NYSE:NIO), Workhorse Group Inc (NASDAQ:WKHS) and Nikola Corp (NASDAQ:NKLA), are all trading higher as the sector rebounds following a selloff throughout January. Credit Suisse upgraded Tesla shares, which has also possibly lifted sector sentiment.
EV and EV charging companies saw marked strength in 2021. The sector benefited after the U.S. House of Representatives in Novemeber passed a $1.2 trillion infrastructure bill, which includes $7.5 billion of funding to create a nationwide network of EV charging stations. The sector experienced a selloff going into the new year as concerns over Fed tightening policy weighed on growth stock valuations.
Monday, morning Credit Suisse upgraded Tesla from Neutral to Outperform and maintained a $1025 price target... Read More
Nio is trading higher by 15.98% at $24.24 Monday morning, Workhorse is trading higher by 15% at $3.34 and Nikola is meanwhile trading higher by 6.83% at $7.99. Tesla shares are surging higher by 8.86% at $921.34.
