Electric vehicle stocks rip big gains after Beijing developments

The electric vehicle sector outperformed the broad market in early trading on Monday on a wave of investor confidence tied partially to news from Beijing that China will adopt an “appropriately loose” monetary policy next year and implement fiscal policies aimed at sparking economic growth.

Also in the mix, automakers including Hyundai (OTCPK:HYMTF), VinFast (VFS), and BYD Company (OTCPK:BYDDF) have issued announcements indicating EV plans are still in place, despite concerns over government support.

On Wall Street, a bullish initiation on Rivian Automotive (RIVN) is also easing some concerns that the new administration could be a negative for some EV players.

The EV rally on Monday covered both sides of the Pacific and included some suppliers.

Notable gainers in early trading include Lucid Grouo (LCID) +16.5%, XPeng (XPEV) +16.3%, NIO (NIO) +15.5%, Rivian Automotive (RIVN) +13.1%, Li Auto (LI) +12.3%, Niu Technologies (NIU) +11.8%, Luminar Technologies (LAZR) +11.8%, Mobileye Global (MBLY) +11.5%, ZEEKR Intelligent Technology (ZK) +9.9%, Blink Charging (BLNK) +8.2%, QuantumScape (QS) +8.2%, Polestar Automotive (PSNY) +6.9%, WeRide (WRD) +5.9%, and ChargePoint Holdings (CHPT) +5.4%.