A Wild Week For EV Stocks
That was a wild week for EV stocks. by Thursday morning, shares of Tesla Inc. (NASDAQ:TSLA) were up about 9% on the week, before crashing later that day on news that the company had pushed back the demo of its robo-taxi until October.
Then, on Friday Tesla shares recovered somewhat, as the whole EV sector spiked, with even struggling Lucid Group, Inc. (NASDAQ:LCID) spiking 25% on the day. Here, we'll focus on two names I had positions in, Tesla, and Rivian Automotive, Inc. (NASDAQ:RIVN), which spiked 8.05% Friday.
Entering The Week Long Tesla And Rivian
Entering the week, I had had bullish trades on both Tesla and Rivian since I posted this trade alert on April 8th.
The third EV-maker alluded to there was Xiaomi Corporation (XIACY), the Chinese consumer electronics giant that started selling a Tesla Model S competitor earlier this year. I got stopped out of that position on June 27th, with a modest gain of 5.8%.
Why I Was Long Tesla And Rivian
As I wrote on April 8th,
My Long Tesla And Rivian Trades
My long Tesla trade was a vertical spread expiring on January 17th, buying the $200 strike calls and selling the $205 calls for a net debit of $1.63. If Tesla closes at or above $205 on January 17th, that trade will be worth about $5, representing a gain of about 200%.
My long Rivian trade was buying the $15 strike calls on the stock expiring on January 17th. For that trade, the upside was uncapped.
Turning Tactically Bearish On Tesla
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