Why EV Stocks Lucid Group, Rivian Automotive and Tesla are rallying on Friday

Lucide Group Inc. LCID Shares were tearing up on Friday and halted on a higher circuit breaker in the early afternoon following rumors spread by traders that the Saudi Public Investment Fund plans to buy out the rest of the vehicle company. electrical.

Benzinga reached out to the Public Investment Fund and Lucid Group to comment on the rumours.

Rivian Automotive’s SHORE the stock traded higher on Friday afternoon, trading up more than 7% from Thursday’s close.

Tesla Inc. TSLA was also trading up around 10% on Friday afternoon after reporting strong earnings earlier in the week.

In addition to strong earnings in the electric vehicle sector, the Personal Consumption Expenditure Index, one of the Fed’s key inflation gauges, was colder than expected on Friday morning and is at an all-time low. since October 2021.

This is another sign that inflation is slowing and that the Fed may be able to ease its rate hikes at some point this year.

Slowing inflation should be good news for most stocks, but especially for growth stocks which have been hardest hit by the Fed’s interest rate hikes.

LCID, RIVN, TSLA Price Action: At press time, shares of Lucid were trading up 51.4%. Rivian shares rose 11.6% and Tesla shares rose 9.8%.

Photo courtesy of Lucid Group.

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