Notwithstanding the broader market rally, electric vehicle stocks closed the week ending Aug. 12 on a mixed note. Market leader Tesla, Inc. (NASDAQ: TSLA) picked up momentum in the run-up to its stock split, which is set to take effect on Aug. 25.
General Motors Company (NYSE: GM) CEO Mary Barra made an appearance at the White House on Thursday to support the budget reconciliation plan that’s being pushed by Sens. Joe Manchin (D-WV) and Chuck Schumer (D-NY).
Electric vehicle stocks meandered to a mixed close in the week ending July 15 following a uniformly strong close in the previous week. Inflation worries roiled the broader market in the past week as the metric climbed to a fresh 40-year high in June. This in turn reignited worries regarding a string of aggressive rate hikes.
The crown as the world’s top electric vehicle producing company has been held by Tesla Inc (NASDAQ: TSLA) for years. While many are taking on Tesla with the goal of displacing the company as the EV leader, the title hasn’t been lost quite yet.
Hong Kong shares edged higher by mid-day trading on Friday, with gains among energy and property stocks offsetting weakness in most tech and consumer discretionary sectors. Electric vehicle stocks traded on a mixed note.