EV Roundup: Tesla Broke Out Downtrend Zone, Rivian Spread Wings Beyond Amazon

$Tesla(TSLA.US)$ rallied 5% following dovish remarks by Powell after experiencing a more than 3% drop on Monday and Tuesday. Furthermore, later this morning, Reuters reported Tesla model Y to be on list of electric cars that can qualify for French incentive, which could be good news as it expands its presence in Europe. Tesla is now starting to breakout the downtrend zone and may see an upward move out of the bull flag.

$Rivian Automotive(RIVN.US)$ stock surged by 13% after the company said $AT&T(T.US)$ is set to buy EVs from the company as part of a pilot program focused on cutting transport emissions. This news comes after Rivian and Amazon (AMZN.US) ended their exclusive partnership in November, allowing Rivian to sell its electric fleet to other customers.

$Lucid Group(LCID.US)$ shares were climbing on heavy trading volume with more than 59.7 million shares already traded in the session. Lucid has assembled nearly 800 cars in its Saudi Arabian factory since its opening in September, according to a Reuters report. The newly completed Saudi Arabian factory has an initial annual production capacity of 5000 electric vehicles, and Lucid has an agreement with the Saudi government for the purchase of up to 100,000 vehicles over 10 years.

Chinese EV makers $NIO Inc(NIO.US)$ and $XPeng(XPEV.US)$ also experienced rises, up 6% and 2%, respectively.