Shares of Tesla Inc. TSLA rallied 3.0% toward a three-week high in morning trading Wednesday, as better-than-expected results from fellow electric vehicle maker Rivian Automotive Inc. RIVN and a broader stock market rally provided a boost. The rally comes after Tesla’s stock fell 1.5% on Tuesday to snap a four-day win streak in which it hiked up 7.2%. Helping provide support for Tesla’s stock, Rivian shares shot up 12.9% toward a two-month high, after the EV maker reported a first-quarter loss that narrowed more than expected and affirmed its full-year production outlook. Among other EV makers, shares of NIO Inc. NIO advanced 2.8% and Lucid Group Inc. LCID edged up 0.6%, while Nikola Corp. shares NKLA fell 2.2%. Also helping fuel Tesla’s stock gains, the S&P 500 SPX climbed 0.6% and the Nasdaq Composite COMP ran up 1.1% in the wake of data showing that inflation continued to cool.
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