Two electric vehicle stocks are catching up to Tesla. Nio and Nikola shares have been speeding higher.
Both have kept up to Tesla’s more than 200% rally in 2020. Nikola surged another 22% on Monday after catching a buy rating from Deutsche Bank heading into its earnings after the bell Tuesday. Nio gained 14% on Monday after reporting a 322% increase in July deliveries.
Boris Schlossberg, managing director of FX strategy at BK Asset Management, said the electric vehicle group remains too speculative to make a solid bet. Still, he does see one name emerging as a true rival to Tesla’s dominance.