Why Nikola Dropped, but Other EV Stocks Jumped Today

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Many, but not all, electric-vehicle (EV) stocks continue to move higher today. Three that are in very different niches are Nikola (NASDAQ: NKLA), Canoo Holdings (NASDAQ: GOEV), and Arcimoto (NASDAQ: FUV). As of 1:15 p.m. EST Monday, shares of these EV makers were moving as follows:

Arcimoto, the big mover of the day so far, also has the largest gains so far this month, with shares up 31% since the start of 2021. The maker of electric three-wheeled EVs is the only one of the three with vehicles in production, and is the smallest, with a current market capitalization of about $600 million. The company’s products include what it calls a “fun utility vehicle,” another for short-distance deliveries, a motorcycle-type roadster, and one for rapid responders. The company announced last week that it is dramatically expanding its manufacturing capacity.

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