What’s happening with electric vehicle (EV) inventory today? You’re here (NASDAQ:TSLA), Gores Guggenheim (NASDAQ:GGPI), QuantumScape (NYSE:QS), Fisker (NYSE:FSR), Lordstown Engines (NASDAQ:TO DRIVE), Lucid (NASDAQ:LCID) and Rivian (NASDAQ:BANK) all won on Monday. Some of these companies have reported specific news to explain their price action, while the others seem to be trending higher.
It looks like investors can thank Elon Musk for at least part of this rally. Why?
Over the weekend, Tesla reported impressive first-quarter delivery numbers, despite the impact of supply chain issues and holiday closures in China. The electric vehicle maker said it produced 305,407 vehicles and delivered 310,048 vehicles in the first quarter. The number of vehicles delivered is higher than the estimate of 309,158 vehicles. CEO Elon Musk tweeted that the first quarter was “*exceptionally* difficult trimester due to supply chain disruptions and China’s zero Covid policy.
Now, Tesla’s delivery figure has highlighted other electric vehicle stocks.
Why are electric vehicle stocks up today?
Lucid is also in the spotlight after an interview with CEO Peter Rawlinson surfaced. When asked if he plans to increase prices in the near term, Rawlinson explained that Lucid is “committed to honoring prices from existing reservation holders.” However, when asked about long-term price increases, the CEO replied, “I think it would be absolutely stupid of me to say that we will never increase our prices.”
Proceed to Gores Guggenheim, or The North Starthe electric vehicle maker is up today after receiving an order for 65,000 vehicles from Hertz (NASDAQ:HTZ). Automotive News estimates the order will generate more than $3 billion in revenue. Meanwhile, Polestar has announced that it will fulfill the order over the next five years. Additionally, most vehicles ordered by Hertz will be in Polestar 2 form. The Polestar 2 will be available for rental through Hertz before the end of the year in North America and Australia.
QuantumScape is growing following an announced partnership with Porsche. According to Magazine Manager, Porsche is developing an electric 911 model that can use QuantumScape’s solid-state batteries. Store Manager reports that the two companies have already started working together to integrate the battery into the electric 911. Although the timing remains vague, the electric 911 could go into production “sometime this decade”. Investors should also note that volkswagen (OTCMKTS:VWAGY), which is the parent company of Porsche, is the largest shareholder of QS shares. Volkswagen has invested $300 million in QuantumScape since 2018.
At the date of publication, Eddie Pan did not hold (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.