Electric-vehicle startups from Nikola to Lordstown Motors were set on Friday to extend a blistering rally in their shares that has put the cash-strapped companies on track for hefty weekly gains.
Used-car retailer Carvana, another highly shorted stock, has also posted strong gains that have pushed up its value by nearly $1.38 billion this week. The EV startups, meanwhile, have added over $500 million to their collective market value. The surge could help Nikola overcome the risk of being delisted. The company late in May received a notice from Nasdaq as its share price had been below the $1 minimum level for the past 30 days.
Still, many challenges remain for the EV startups, evidenced by the year-to-date stock price declines of 35% and 75% seen at Nikola and Lordstown, respectively.
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