Tesla Suddenly Has Competition in the Electric Car Space

Just like that, electric vehicles are emerging as a strong group in the stock market. Most readers know about Tesla (TSLA), which has more than doubled from its mid-March low. Some people have seen Nio (NIO), its smaller Chinese rival that’s up 56 percent in the last week. But there are more. Just today, Plug Power (PLUG), a relatively obscure maker of hydrogen cells, surged 20 percent. Other companies like Albemarle (ALB), Ballard Power Systems (BLDP) and Fuelcell Energy (FCEL) are also moving. The rallies occur as analysts and money managers embrace the concept of Environmental, Social and Governance (ESG) investing. Morningstar data shows that ESG funds drew almost $46 billion of capital in the first quarter, while other portfolios had large outflows because of coronavirus.