Stock Market’s New EV Joy Ride Ignores Supply Risks

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Investors used to worry about demand for electric vehicles. Supply may turn out to be the real problem.

U.S. stock markets are going wild for EVs again. Tesla’s trillion-dollar-plus market value is Exhibit A, but even more extreme was Thursday’s 31% jump in the shares of its most successful U.S. imitator, Lucid. The move, which didn’t seem related to any significant news, took the company’s equity value to $57 billion. Lucid delivers its first vehicles to customers this weekend.