As of 11:17 a.m. ET, shares of EV-maker Lucid Group (NASDAQ: LCID) were up 4.9%, while Blink Charging (NASDAQ: BLNK) and ChargePoint (NYSE: CHPT) had climbed 4.7% and 6.8%, respectively. Seeing considerable upside, Cantor Fitzgerald has initiated coverage on the EV stock, assigning it an overweight rating and a $23 price target. On Sept. 15, Citigroup resumed its coverage on Lucid with a buy rating and an even more auspicious price target: $28.
While we can see the automotive industry slowly change gears from internal combustion engines to electric vehicles (EVs), the switchover may be picking up pace. If investors haven't considered EV companies before, now is the time to take a closer look. Ford has been accelerating its EV strategy for some time now, expecting a 600,000 EV production run rate by late 2023 and an annual run rate of more than 2 million EVs by late 2026.
Even some federal funding help for the EV sector couldn't keep stocks in the sector from crashing this week.