Sono Group extends gains after blockbuster debut, other EV stocks slide

Sono NV

18/11/2021 11:22

** U.S.-listed shares of Germany-based EV maker Sono Group
NV  SEV.O  up 29.4% at $49.43 premarket, making them the most
traded shares in premarket trading
    ** Co notched a 155% gain on Wednesday in its NASDAQ debut
that came on the heels of Rivian's  RIVN.O  blockbuster
listing urn:newsml:reuters.com:*:nL1N2S82UN  urn:newsml:reuters.com:*:nL4N2S22TD
    ** "For these companies to be valued in the same region as
Ford or Volkswagen, companies that sell thousands of vehicles
every single year, is mind-boggling. It doesn't add up to logic
and financial markets scrutiny," said Michael Hewson, chief
markets analyst at CMC Markets
    ** Other EV companies Lucid Group  LCID.O , Rivian, Canoo
 GOEV.O  and Fisker  FSR.N  down 2% to 3%, while Tesla  TSLA.O 
gained 1.3% 
    ** "Considering the egregious overvaluation of RIVN and
LCID, we think these stocks may suffer the same fate as TSLA,
which has seen a sharp decline in retail demand over the past
week," said Vanda Research analysts Ben Onatibia and Giacomo
Pierantoni in a note
    ** RIVN and LCID were 2 of the 5 most bought companies by
retail investors over the past week - Vanda
    ** EV stocks like GOEV, LCID and RIVN have added 12% to 25% 
so far this week, while TSLA has gained 5.4% this week, as of
last close
    ** The fact that the crypto rally has paused at the same
time as the rally in EVs has gained prominence is not a
coincidence in our view - Vanda



 (Reporting by Bansari Mayur Kamdar)
 ((BansariMayur.Kamdar@thomsonreuters.com;))