Tesla, EV stocks go for a joy ride

Tesla investors finally got some relief Tuesday after a punishing few days wiped out roughly $190 billion in market value.

Shares in the leading electric car maker rose despite word that CEO Elon Musk is offloading even more of his stake in the company.

The world's richest person disclosed that he sold another $930 million worth of Tesla stock, bringing the price tag on his numerous sales over the past week to $7.8 billion. Those sales fulfill almost half of his pledge on Twitter to sell 10% of his stake in Tesla.

The rebound in the stock comes amid a renewed love affair on Wall Street with just about anything connected to EVs.

Rivian Automotive, which did an IPO last week, has now doubled in market value.

Boasting a market cap in the $150 billion range, the money-losing automaker, is now the world's third most valuable carmaker - topping Volkswagen, General Motors and Ford...only bested by Toyota and Tesla - of course.

Another newcomer to the plug and drive market: Lucid, surged nearly 20 percent in late Tuesday trading. It said reservations for its cars rose to 13,000 in the third quarter and expressed confidence that it will produce 20,000 of its upcoming Lucid Air sedans next year. It too has yet to turn a profit.

Even still, investors are betting electric vehicles are no longer a niche and want to get in on the action.

Shares of Tesla, with a market cap north of $1 trillion, are up roughly 50 percent year-to-date, making the electric auto company worth more than all of the next 7 global automakers combined.

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