Shares of several special-purpose acquisition companies, or SPACs, were trading higher on Tuesday, as auto investors continued to snap up shares of companies that could benefit as the auto industry moves to electrified and autonomous vehicles.
All three of these SPACs have announced merger deals with companies in that space. Here’s where things stood for their share prices as of noon EST, relative to Monday’s closing prices.
There was no big news moving any of these stocks on Tuesday. All are benefiting from the intense investor interest in electric and autonomous vehicles. Adoption of EVs is expected to grow sharply over the next decade, while autonomous-vehicle technology has the potential to become dominant in certain market segments over the same time frame.