This one Factor is Driving EV Stocks

By George Banko

June 30, 2023

Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures edged higher on Friday. Investors are bidding up stocks in the best first half of the year since 2019. Stronger-than-expected weekly jobless claims continued to show a robust labor market, and better-than-forecast first quarter GDP indicated solid growth that likely carried into the second quarter.

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Here’s a look at the top-moving stocks this morning.

XPeng Inc. (NYSE: XPEV)

XPeng Inc. is up 7.44% premarket as China EV sales are poised to jump in June. XPeng sold 7,506 EV’s in May and 7,079 in April. The startup has guidance for Q2 deliveries of 21,000-22,000, up from 18,230 in Q1. It also released its new G6 SUV, which launched today and saw more than 25,000 orders with 72 hours of presales.

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Rivian Automotive (Nasdaq: RIVN)

Rivian Automotive is up 0.44% premarket as the electric vehicle industry is continuing to see a rise based on a new charging standard. The EV pickup truck maker Rivian Automotive recently signed on to that standard, and its shares closed 9% higher in afterhours trading.

Apple (Nasdaq: APPL)

Apple is up 0.75% premarket after the stock was initiated at Buy by analysts at Citi. Late Thursday, Citigroup analyst Atif Malik gave APPL stock a 240 price target, which was the highest on Wall Street and a 27% upside to Thursday’s close. He cited higher gross margins and iPhone market share from Android headsets as the reason for his upgrade. Overall, the iPhone maker is approaching a $3 trillion market cap.