Electric car (EV) stocks were up quite a bit on Friday, thanks to the actual record-breaking data they got from one of their all-time great players. This participant was not A half-year-old (NASDAQ:PSNY). Regardless, the under-the-radar electric vehicle maker has benefited from the tie-up. Its shares ended the day nearly 11 percent higher, not beating a 1.3 percent gain S&P 500 index.
Automobilization ahead
The relaxed record producer turned into as soon as Polestar looked Rivian (NASDAQ: RIVN). On Friday, the truck and SUV specialist presented production and supply data for both the fourth quarter of 2024 and the full year.
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Fortunately, the quarterly numbers were faster than analysts’ consensus estimates for both metrics. In what is likely to be an added boost to electric car investors and advocates, Rivian added that component shortages that have hindered the production of some devices have been overcome.
These statistics are reaching a time of horror for electric vehicle investors. While such vehicles are popular, sales growth for the industry isn’t what it used to be, leading some to worry that their time may be over. A double whammy on two critical benchmarks is exactly what we want to revive some of the bullish rally.
It is wise to be careful
While large and mildly awash with capital, the electric vehicle sector is still quite young compared to various industries. So when one of them experiences encouraging data records and sees a stock rise as a result, it tends to be replicated all over the playing field. Later, double-digit rises in Rivian, Polestar and various chums on Friday.
But in any times of admiration we have to be a bit careful here. First, neither topic of EVs is new anymore, there would probably be no guarantee that they would become the dominant alternative gasoline technology of the future at this time. 2d, all the companies that make up this field operate in different situations, most often in different markets — Polestar, let’s just say, would probably no longer meet or exceed its internal goals like Rivian.
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*Stock Consultant returns on December 30, 2024
Eric Volkman has no location in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has coverage with the disclosure.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.