Electric vehicles, also referred to as “EVs”, are getting renewed interest from both consumers and investors after Rivian stock skyrocketed after going public with the sixth largest initial public offering in US history (see chart below). The EV market, which has been dominated by Tesla for the past decade, is getting more crowded by the day as newer companies such as Rivian, Lucid, Lordstown, and Nikola join larger established automotive companies like Ford, General Motors, and Toyota in launching new options. Improved battery technology, extended range, lower maintenance costs, and more competitive sticker prices have all been touted as reasons that EVs will continue to gain in market share in the years to come.
Equity markets were relatively flat last week, as the MSCI ACWI (a proxy for large-cap global stocks) ended 0.2% below the previous week’s close Large US stocks fared better than non-US peers, as a resurgence of Covid-19 in Europe is straining health systems. Austria will enter a lockdown period beginning on Monday and investors are worried that more lockdowns and restrictions in the region will slow economic output.
Prices & Interest Rates
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Source: Morningstar, YCharts, and US Treasury as of November 20, 2021
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