Electric vehicle (EV) stocks got quite a charge on Friday thanks to good news coming from one of their more prominent players. That player wasn’t Polestar (NASDAQ: PSNY). Nevertheless, the somewhat under-the-radar EV maker benefited by association. Its shares closed the day nearly 11% higher in price, easily trouncing the 1.3% increase of the S&P 500 index.
The manufacturer with the happy news was Polestar peer Rivian (NASDAQ: RIVN). On Friday, the pickup truck and SUV specialist released its production and delivery figures for both the fourth quarter of 2024 and the entirety of that year.
Happily, the quarterly numbers were ahead of the consensus analyst estimates for both metrics. Perhaps more encouragingly for investors and electric vehicle advocates, Rivian added that a component shortage hampering the production of certain models had been surmounted.
These statistics come at a time of some anxiety for EV investors. Although such vehicles remain popular, sales growth for the industry isn’t what it used to be, causing some to worry that their time might be passing. A double beat on two crucial yardsticks is exactly what’s needed to restore some bullishness.
While large and still awash in capital, the EV sector is, nevertheless, relatively young compared to other industries. So, when one of their ilk reports encouraging news and sees a stock price pop as a result, that tends to repeat throughout the sector. Hence the double-digit rises of Rivian, Polestar, and other peers on Friday.
But we should be a bit cautious here. First, despite EVs being more commonplace now, there’s still no assurance that they’ll ultimately become the dominant alt-fuel technology of the future. Second, the companies comprising the sector are all operating under different conditions, often in different markets — Polestar, for example, might not meet or exceed its internal targets as Rivian did.
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