Oil Crisis Boosts EV Stocks | Business and Finance News

The Strait of Hormuz shutdown has sent oil prices soaring—boosting energy stocks but sparking a surprising EV boom. Higher gas costs make electric cars more appealing to consumers, driving up demand and stock prices for EV makers like Rivian, whose new R2 SUV is cheaper to produce and sell. Rivian’s stock jumped 16% and analysts predict tripled revenue by 2028. Nio is also set to double revenue and hit profitability by 2027. Both remain speculative but are gaining traction as oil-dependent economies shift toward cleaner, more stable transportation. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/f2985e5facc6d79c