- NASDAQ:GOEV fell by 2.40% during Wednesday’s trading session.
- EV stocks rise as NASDAQ attempts to recover from its lowest levels in 2022.
- Ford reported its first quarter earnings after the markets closed.
NASDAQ:GOEV dropped lower for the second straight day as the broader markets attempted to rebound from Tuesday’s selloff. On Wednesday, shares of GOEV fell by 2.40% and closed the trading session at $4.87. Following Tuesday’s market meltdown that saw the NASDAQ drop by nearly 4.0%, the major indices attempted a modest rebound that fizzled into the closing bell. The major averages closed mostly positive, as the Dow Jones gained 61 basis points, the S&P 500 rose by 0.21%, while the NASDAQ fell below water in the final minutes and posted a 0.01% loss for the session.
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Electric vehicle stocks closed Wednesday mostly higher after the major sell off earlier in the week. Shares of Tesla (NASDAQ:TSLA) closed 0.58% higher despite being higher by more than 2.0% earlier in the session. Other stocks like Rivian (NASDAQ:RIVN) and Lucid (NASDAQ:LCID) were also trading in the green, after the latter scored a major deal with Saudi Arabia for 100,000 vehicles over the next ten years. Chinese EV makers were also trading higher as Nio (NYSE:NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) all posted gains during the session.
GOEV stock forecast
All eyes in the EV industry were on Ford (NYSE:F) who reported its first quarter earnings after the closing bell. The legacy automaker topped Wall Street estimates on both the top and bottom line, and surprised with a profit despite losing money on its stake in electric truck maker Rivian. Ford CEO Jim Farley announced earlier in the week that production on the F-150 Lightning model has started. He also made a daring proclamation that Ford can absolutely “catch Tesla” in the global EV race. Shares of Ford were up as much as 5.0% in after hours trading.
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