Electric Vehicles Stocks Rocket: Rich Predicts The Next Move

One of the most important themes on Monday was the rally enjoyed by electric vehicle stocks and it is no wonder that it is in focus in the latest video from RICH TV.

Some of the leading companies in the electric vehicles space like Tesla Inc (NASDAQ:TSLA), Nio Inc – ADR (NYSE:NIO), Xpeng Inc – ADR (NYSE:XPEV), and Ideanomics Inc (NASDAQ:IDEX) among others saw their stocks soar. In such a situation, it is imperative for investors to perhaps take a closer look at what actually happened rather than considering an investment straight away.

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RICH TV started off discussion Ideanomics, which declared earnings recently and reported revenues of $10.6 million. The host went on to state that at the time the stock was only trading at $.88 a share and the revenue numbers were considerably when compared to the stock price. However, he went on to point out that in addition to Ideanomics, stocks of Tesla and NIO among others also exploded. Hence, the host decided to talk about the electric vehicle sector as well so as to explain the rationale behind the explosion in these stocks.

Firstly, the host stated that the rally in the stock is only the tip of the iceberg as it were and was only the beginning of the bullish trend. On the other hand, the rally in the Tesla stock should not really come as a surprise since it remains the biggest player in the industry and a bell-weather stock to boot as far as the sector is concerned.

However, the fact that other companies like Ideanomics, NIO, and SwitchBack Energy among others went on such strong rallies suggests that things are probably looking up for the sector as a whole. In this regard, it is also necessary to point out that hydrogen fuel cell company FuelCell Energy recorded solid gains on Monday as well.

In such a situation, it is quite likely that this basket of stocks is possibly going to be in focus among investors and market watchers through the rest of the week. It remains to be seen if these stocks can continue to add to their gains or not. The RICH TV host went on to state that the electric vehicle space is ‘hot’ at this point. However, investors need to watch things a bit more closely before making a decision.

Featured image: Pixabay

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