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Why Tesla and Other EV Stocks Rocketed Higher in July

·3 min read

Shares of sector leader Tesla (NASDAQ: TSLA) jumped 32.4% during the month, while the stocks of start-ups Lordstown Motors (NASDAQ: RIDE) and Canoo (NASDAQ: GOEV) soared 41.8% and 87%, respectively, according to data provided by S&P Global Market Intelligence. Tesla shares have now increased more than 45% since late May. The jump in the month of July came as Tesla reported second-quarter earnings that showed the company was resilient even in the face of several headwinds. CEO Elon Musk had recently said those plants were burning cash, but Tesla still generated free cash flow of $621 million in the second quarter.