Electric vehicle-related stocks including Tesla Inc (NASDAQ: TSLA) and Nio Inc (NYSE: NIO) are trading higher Monday amid overall strength in the EV sector for the session.
According to reports, the National Highway Traffic Safety Administration will consider issuing higher penalties for automakers who make vehicles that do not meet fuel efficiency requirements.
Tesla is also possibly trading higher following bullish commentary from New Street analyst Pierre Ferragu.
Ferragu reportedly said he is more confident about Tesla's artificial intelligence product development following the conclusion of the company's AI Day.
The New Street analyst has a Buy rating on Tesla with a $900 price target.
Price Action: Tesla has traded as high as $900.40 and as low as $329.88 over a 52-week period. Nio has traded as high as $66.99 and as low as $13.53 over a 52-week period.
At last check Monday, Tesla was up 3.76% at $705.78 and Nio was up 3.17% at $38.09.
Photo: courtesy of Tesla.
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