Retail traders drive rallies in small-time electric vehicle stocks after Tesla posts better-than-expected China sales
- Electric-car maker Canoo and auto retailer CarLotz rallied more than 30% amid retail-trader hype.
- Electric-vehicle manufacturer Workhorse also jumped Tuesday amid a broader meme-stock rally.
Teslareported its May sales in China rose 29% from the month prior. Shares gained before pulling back later in the day.
Torrance, California-based Canoo closed the day with a 20% gain at $10.71, reaching its highest in two months, as CarLotz, based in Richmond, Virginia, jumped 29% to $7.09, its highest since early May,
But the stock has reversed some of its losses amid renewed interest among retail investors in electric-vehicle makers after the sector peaked in February.Workhorse, the Loveland, Ohio-based electric-vehicle maker, jumped 12% Tuesday to $15.58 to build on last week's Reddit-driven rally.
As for electric-truck maker Lordstown Motors, the stock closed the day 16% lower after rallying earlier in the day, as it too saw some hype from retail traders.
Meme stocks across the board rallied for the second day Tuesday. Though Clover Health trumped gains in others with its more than 80% rise, Bed Bath & Beyond, GameStop, Virgin Galactic, BlackBerry, and AMC also rose.
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