Why Lucid, Rivian, and Nio Soared Monday

What happened Shares of a diverse mix of electric vehicle (EV) makers are starting the week off on a high note. The stocks of Lucid Group (NASDAQ: LCID), Rivian Automotive

(NASDAQ: RIVN), and Nio (NYSE: NIO) soared by between about 11% and 13% early Monday. As of 1 p.m. ET, Lucid and Rivian were still higher by 9.1% and 9.7%, respectively. Nio's

American depositary shares also remained up by 8.6%.  So what All three stocks are bouncing back from a losing week last week, and a new analyst rating is helping that

boost. Much of the negative sentiment over the last week came after sector leader Tesla expanded the vehicle price cuts it previously implemented in China to Europe and the U.S.

markets. Many investors felt that Tesla's price cuts could hinder the efforts by Rivian, Lucid, and Nio to continue to ramp production and sales -- or at the very least,

extend the runways to reach profitability, as these companies have to compete with lower selling prices.  But one sector analyst from Citigroup thinks at least the drop

in Lucid shares makes for a compelling buying opportunity. Analyst Itay Michaeli just put a buy rating on Lucid stock with a price target of $12 per share, reports Barron's. That

share price would represent a 53% gain from Friday's closing price. That analyst call, along with further evaluation of last week's news from Tesla, has Rivian and Nio also

recovering from last week's declines.