Follow the Leader

The market has been salivating over Tesla all of 2020 and it just reported a fourth straight quarter of profit, so it makes sense why the stock jumped almost $100 after their earnings report. Tesla’s ultimate bull run just keeps on running, but the entire electric vehicle market as a whole will surely follow it on the way up. It has become very apparent that the smaller stocks in sectors usually move similarly to the big catalysts in the market. If this reigns true in the EV sector, stocks such as Electrameccanica Vehicles Corp (SOLO), Ayro (AYRO), and Nikola (NKLA) among others, will rise with Tesla at the open on Thursday. All three stocks jumped aftermarket with Tesla, with SOLO and AYRO making very considerable jumps. Personally as an investor, I don’t pay much mind to aftermarket movements, but I am definitely paying mind to the electric vehicle market as its environmental benefits plus excitement from the market makes it extremely active on both a long term and short term scale.

-Darnel Shillingford

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