Key Highlights

● Tesla traded near $378.05 during the session on November 9.

● Tesla will refund many Cybertruck deposits.

● The Cybertruck line at Giga Texas will wind down in about eight months.

● Microvast reported Revenue of $45.81 million and going-concern doubt.

Electric-vehicle stocks rallied on Monday, November 9, 2026, and Tesla (NASDAQ:TSLA) set the tone. Shares jumped, with readings of $378.05 and $380.59 during the session.

The catalyst came from Elon Musk. Tesla will refund many $1,000 Cybertruck deposits because Demand exceeds production, and the Cybertruck line at Giga Texas will wind down in about eight months to make room for Cybercab output, according to news reports. "Cybertruck order rate far exceeds our production rate," Musk posted.

Musk framed the move as a trade-off in a Social Media post: "the Opportunity cost of the complexity of Cybertruck is vastly outweighed by the value of incremental Cybercab production."

Market data market wrap also cited the expansion of Tesla's robotaxi service into more cities, and Musk confirmed groundbreaking on a roughly $10.1 billion solar cell factory in Texas, dubbed "Project Crystal Sun," according to a Texas Comptroller filing.

The followers

Smaller EV makers rode the wave. Lucid Group (NASDAQ:LCID) jumped to $3.54 intraday, according to market coverage, ahead of its third-quarter report after the close. Market data flagged a strong regular-session gain. After the bell, Lucid missed third-quarter revenue estimates, according to after-hours market reports, putting its rally to the test.

Rivian Automotive (NASDAQ:RIVN) edged up to $13.82 intraday, moving with the sector. No fresh company news was found; Rivian's next scheduled event is an Autonomy and AI Day on December 9.

Uber Technologies (NYSE:UBER), which has committed to at least 35,000 Lucid vehicles for robotaxi use, according to market reports, also climbed intraday, moving with the broader market.

A broad risk-on backdrop

EV stocks had plenty of help from the overall market. Consumer discretionary, the sector that houses Tesla, finished second among all 11 S&P 500 sectors, according to market data. The S&P 500 jumped 173.08 points to 7,549.94, its best day since April 8, and the Nasdaq Composite surged 673.71 points to 25,253.14.

Falling oil cut both ways for EVs. Brent Crude tumbled to $92.57 on hopes of a US-Iran peace deal, lowering gasoline costs, which can make electric cars look less compelling by comparison. But on Monday, investors were more focused on growth, technology and autonomy than on fuel savings.

Not every battery story was bright

Battery maker Microvast Holdings (NASDAQ:MVST) reported third-quarter revenue of $45.81 million after the close, below consensus, and management said substantial doubt about the company's ability to continue as a Going Concern remains. The company said negotiations with lenders were ongoing. Shares had slipped in the regular session and fell steeply in extended trading, according to a headline.

For investors, the split between Tesla's strategic news and Microvast's going-concern disclosure shows how different the EV Supply chain can look from one company to the next. Scale, cash and access to Capital remain key dividing lines across the sector, especially while interest rates stay elevated.

Cybercab Pivot Takes Center Stage

For Tesla, the key question is how quickly Cybercab production ramps and how far robotaxi service spreads. Investors will also watch the reaction to Lucid's results on Tuesday and Rivian's December 9 event. Macro factors loom too: Tuesday's October consumer price report and the Fed's December 8-9 meeting will shape borrowing costs for car buyers and for cash-hungry EV makers alike.