Stock Market’s New EV Joy Ride Ignores Supply Risks

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.