EV Stocks Pre-Market Today (December 10, 2025): Tesla, Rivian, NIO Lead a Mixed Electric Vehicle Trade Ahead of Fed Decision

U.S. electric vehicle (EV) stocks are trading mixed in the pre-market session on Wednesday, December 10, 2025, as Wall Street braces for the Federal Reserve’s final interest-rate decision of the year.

As of around 3:20 a.m.–5:00 a.m. EST, futures on the Nasdaq 100, S&P 500 and Dow Jones Industrial Average were modestly higher — up roughly 0.16%, 0.15% and 0.07% respectively — with investors widely expecting a 25-basis-point rate cut from the Fed later today. ^[1] Higher-growth names like EV stocks tend to be especially sensitive to changes in interest-rate expectations.

At the same time, the EV industry is wrestling with conflicting narratives: talk of an “EV winter” amid slower sales and subsidy rollbacks on one side, and fresh forecasts for robust long-term adoption and a booming charging software market on the other. ^[2]

Here’s how the major EV names are setting up in pre-market trading today and what’s driving the moves.

Macro Backdrop: Fed, Rates and the “EV Winter” Narrative

Before diving into individual tickers, it’s worth understanding the macro and industry context.

Fed day jitters: U.S. stock futures are modestly higher ahead of the Federal Open Market Committee (FOMC) announcement, with markets pricing in a quarter-point cut and listening closely for hints on the 2026 rate path. ^[3] Lower long-term rates would generally support growth stocks, including EV makers and battery players, by reducing discount rates on future cash flows.
EV “winter” vs. long-term growth: Recent coverage has highlighted a tougher short-term environment for EVs — from slower order growth to subsidy rollbacks and infrastructure concerns — sometimes dubbed an “EV winter.” ^[4] Yet a new Gartner forecast still expects the global EV fleet to jump 30% in 2026, reaching about 116 million EVs on the road, with China accounting for roughly 61% of the installed base. Battery-electric vehicles (BEVs) should remain well over half of the total, even as plug-in hybrids gain share. ^[5]
China remains the center of gravity: Fresh third‑quarter sales data show that BYD remains the world’s largest BEV maker, followed by Tesla and Geely, with China responsible for about 60% of global BEV sales. ^[6]That dominance continues to shape sentiment toward U.S.-listed Chinese EV names like NIO and XPeng.
Infrastructure & software tailwinds: On the infrastructure side, a new Research and Markets report projects the EV charging management software market will grow from about $1.7 billion in 2024 to $8 billion by 2030, a compound annual growth rate of roughly 29.4% — a bullish backdrop for charging-platform names such as ChargePoint, EVBox and others. ^[7]

Against that mixed macro backdrop, here’s how the key EV stocks are trading before the bell.

Tesla (TSLA): Pre-Market Gains Amid China Debate and a High-Profile Downgrade

As of about 5:00 a.m. EST, Tesla (NASDAQ: TSLA) is trading around $448.04 in the pre-market, up $2.87 (+0.64%)from yesterday’s regular-session close of $445.17. Pre-market trades have ranged between $448.16 and $448.26 so far. ^[8]

Public.com’s pre-market history for December 10 shows:

Pre-market open: $448.54
Recent pre-market price: $448.04
Pre-market close (so far): $448.26 (–0.06% vs. pre‑market open) ^[9]

That move comes after several significant Tesla headlines in the last 24–48 hours:

China sales: Strong, flat, or both?

A new article from Primary Ignition, citing China Passenger Car Association (CPCA) data, reports that Tesla’s November sales in China (including exports) totaled around 86,700 vehicles, up 9.9% year over year, with the Shanghai Gigafactory rolling out its four-millionth vehicle and needing only around 14 months to build the latest million. ^[10]

However, Barron’s notes that when focusing on domestic sales only, Tesla delivered “just over 73,000” vehicles in China in November — nearly 1% lower than a year earlier — and estimates Tesla would need about 120,000 units in December to avoid its first annual sales decline in that market, a tall order given Shanghai’s approximate 100,000-per-month capacity. ^[11]

Taken together, the data suggest solid but not spectacular Chinese momentum, with exports helping offset a flatter domestic picture.

Morgan Stanley downgrade and valuation worries

Morgan Stanley’s new lead Tesla analyst, Andrew Percoco, has downgraded TSLA from Overweight to Equal-Weight, while raising the price target from $410 to $425, citing valuation concerns after the stock’s strong run. ^[12] A separate note from Investors.com summarizing the call highlights:

Base-case price target: $425
Bull case: As high as $860 if robotaxis and AI initiatives scale successfully
Bear case: Around $145 if regulatory and competitive headwinds bite harder ^[13]

Morgan Stanley also factors in dilution from Elon Musk’s proposed pay package and frames Tesla’s story increasingly around Full Self-Driving (FSD) and the Optimus humanoid robot rather than just car sales. ^[14]

Meanwhile, MarketBeat’s compilation of 44 analysts shows an average 12‑month price target of about $399.33, implying roughly 10% downside from the current ~$445–$448 level, with targets spanning from roughly $19 to $600 and an overall “Hold” consensus. ^[15]

Takeaway for traders:
Pre-market gains suggest Tesla is shaking off the downgrade, supported by operational milestones in China and continued AI optimism. But with the stock trading at more than 200x forward earnings, according to Barron’s, even modest growth disappointments or a more hawkish Fed than expected could trigger sharp swings. ^[16]

Rivian (RIVN): Extending Its Rally in Pre-Market Trade

Rivian Automotive (NASDAQ: RIVN) is one of the more active U.S. EV names heading into the open.

Previous close (Dec 9): $17.71 ^[17]
Recent pre-market indication: Around $18.11, based on pre-market VWAP tools, with roughly 326,000 shareschanging hands in early trade and an average 30‑day pre-market volume near 496,000 shares. ^[18]

That implies a pre-market gain of about 2.3% compared with yesterday’s close.

Analyst targets and “Hold” consensus

MarketBeat’s data show:

Consensus 12‑month price target: $14.34
Current price (yesterday’s close): $17.71
Implied downside vs. current price: roughly 19%
Consensus rating: “Hold” ^[19]

That cautious stance reflects ongoing concerns about cash burn, the capital intensity of scaling production and the broader EV slowdown, even as the company executes operationally.

Why sentiment has improved into year‑end

Recent analysis pieces note:

Rivian delivered its first positive gross profit in a recent quarter, signaling improving unit economics. ^[20]
A widely covered Volkswagen partnership and the upcoming R2 platform, aimed at more affordable mass‑market models, have boosted investor optimism about Rivian’s long‑term addressable market. ^[21]
Some forecasts still see Rivian as high-risk/high‑reward, with a long road to sustained profitability and competing narratives ranging from “doomed” to “potential multibagger.” ^[22]

Takeaway for traders:
Rivian is trading higher again pre‑market, extending a strong year‑end rally. But with the stock already well above its consensus price target and still unprofitable, short‑term moves may be driven as much by positioning and sentiment as by fundamentals — especially on a volatile Fed decision day.

NIO (NIO): Pre-Market Pop as a Lock-Up Expires and Targets Rise

Chinese EV maker NIO Inc. (NYSE: NIO) is also seeing notable activity before the bell.

Pre‑market scans show NIO trading around $5.17, up roughly $0.16 (+3.2%) from yesterday’s close near $5.03, with an early pre-market volume of about 2.1 million shares, placing it among the more active names this morning. ^[23]

Fresh price targets and institutional flows

NIO closed Tuesday at $5.03, down 1.37% and about 37% below its 52‑week high of $8.02 reached in October, according to MarketWatch. ^[24]

Despite that drawdown, analyst forecasts have ticked higher:

MarketBeat consensus target: about $6.73, implying ~34% upside from $5.03. ^[25]
Rating mix: roughly 3 Buy, 8 Hold and 2 Sell ratings, for an overall “Hold” consensus. ^[26]
Recent broker moves include Citi trimming its target to $6.90 (Buy) and Bank of America raising its target to $7.10 (Neutral), highlighting divided views on growth vs. risk. ^[27]

On the institutional side, some large investors have been reshuffling:

A recent MarketBeat filing summary notes HSBC cut its NIO stake by about 36%, while other firms such as American Century increased positions, leaving institutional ownership near 49%. ^[28]

Key event today: Lock-up expiration

A marketscreener notice points out that a lock-up agreement on roughly 148.5 million Class C ordinary shares of NIO expires on December 10, 2025, potentially freeing more shares for sale. ^[29] That overhang could cap gains if major holders decide to trim positions, even as analysts project upside.

Takeaway for traders:
NIO’s pre-market bounce reflects short-term optimism after recent upgrades and a battered share price, but the lock-up expiry and broader EV softness in China keep risk elevated. With consensus still only at “Hold” despite a one‑third upside target, NIO remains a high‑volatility, high‑uncertainty play.

Lucid (LCID), XPeng (XPEV) and QuantumScape (QS): Mixed Signals in Second-Tier EV Names

Lucid Group (LCID)

Lucid Group (NASDAQ: LCID) has been on a rough ride into December:

Recent price history shows LCID falling from the mid‑$14s in early December to about $12.14 at the close on December 9, after several days of declines. ^[30]

Publicly available pre‑market indications suggest Lucid is changing hands in the low‑to‑mid‑$12 range, broadly in line with yesterday’s close, though exact real‑time quotes vary across platforms.

On the analyst front, Morgan Stanley’s new autos analyst has turned more cautious on premium EV start‑ups. A Barron’s‑summarized note says:

Lucid cut to “Sell”, with the price target slashed from $30 to $10.
Rivian cut to “Hold”, while General Motors was upgraded to “Buy” amid forecasts of stronger combustion‑engine profits in an EV slowdown. ^[31]

That downgrade, combined with the loss of the $7,500 U.S. federal EV tax credit this fall, has weighed heavily on Lucid sentiment. ^[32]

Key theme: The market is questioning whether ultra‑premium EV brands can thrive as incentives fade and mass‑market EV demand slows.

XPeng (XPEV)

XPeng (NYSE: XPEV), another Chinese EV maker, is trading lower pre‑market:

Previous close (Dec 9): ~$19.81 ^[33]
Recent pre-market indication: around $19.51, with about 518,000 pre‑market shares traded and a 30‑day average of 661,000. ^[34]

That implies a pre-market decline of roughly 1.5%.

Recent coverage from Barron’s points out that deliveries from XPeng, NIO and Li Auto in November totaled around 106,000 vehicles, up only mid‑single digits year over year, making December a crucial month if they are to meet full‑year targets. ^[35]

Key theme: XPeng is still viewed as a technology-heavy challenger with strong software and driver‑assistance capabilities, but its shares are hostage to the same China EV demand and pricing uncertainty that hangs over NIO.

QuantumScape (QS)

Battery developer QuantumScape (NYSE: QS) is seeing more muted action:

Pre-market price (around 4:30 a.m. EST): $12.74
Previous close: $12.75
Change: –$0.01 (–0.08%) in pre-market trading. ^[36]

QuantumScape remains a pre‑revenue, high‑beta way to play next‑generation solid‑state batteries. Earlier in the year, the stock saw dramatic moves on speculation around partnerships and technology milestones, but in the very short term, it is trading almost flat into the Fed decision.

Key theme: QS is more about long‑dated technology optionality than near‑term deliveries; its small pre‑market move today mirrors the broader “wait and see” mood on risk assets.

BorgWarner (BWA) and Legacy Auto: EV Exposure Without the Pure-Play Volatility

While not pure EV makers, suppliers like BorgWarner (NYSE: BWA) and traditional automakers are increasingly seen as “picks and shovels” plays on electrification.

BorgWarner shares closed around $42.12 on December 9, after a modest gain, and have generally traded in the low‑$40s in recent sessions. ^[37]
A fresh filing shows Albar Capital Partners taking a new position in BWA, underscoring institutional interest in hybrid and EV drivetrain suppliers that still earn substantial profits from combustion‑engine components. ^[38]

On the OEM side, a new Reuters-sourced piece details a Ford–Renault alliance to build smaller, cheaper EVs and electric vans in Europe, explicitly aimed at countering the wave of low-cost Chinese EVs from BYD, Changan, XPeng and others. ^[39]

The partnership will use Renault platforms and plants in France, targeting showrooms from 2028 onward.
Ford CEO Jim Farley bluntly described the current environment as “a fight for our lives” as legacy automakers scramble to stay competitive on EV cost and scale. ^[40]

Key theme: For investors wary of the volatility in pure-play EV stocks, diversified suppliers and legacy automakers with EV strategies may offer more balanced exposure — and some, like GM, are even benefiting from the shift back toward combustion vehicles in the near term. ^[41]

Sector Outlook: What Today’s Pre-Market Moves Suggest

Putting it all together, today’s pre-market tape in EV stocks is sending a few clear signals:

Quality and scale still command a premium.
Tesla’s resilience — up about 0.6% pre-market despite a high-profile downgrade and mixed China data — shows how much faith investors still place in its scale, AI ambitions and broader “Musk ecosystem,” including the latest speculation about a massive SpaceX IPO in 2026. ^[42]
Rallying start-ups face a valuation ceiling.
Rivian’s pre-market strength caps a major rebound, but consensus price targets now sit well below the current share price, and Morgan Stanley has shifted to a more cautious stance on high‑burn EV names such as Rivian and Lucid. ^[43]
China EV names remain high-risk swing trades.
NIO and XPeng are reacting quickly to incremental news: small rating changes, lock‑up expirations and delivery data. Price targets imply upside, but rating mixes of mostly Holds show that analysts see meaningful execution and macro risk.
The long-term EV story is intact, but stock selection matters more than ever.
Macro research from Gartner and others still points to double‑digit growth in the global EV fleet and a booming EV charging software ecosystem through 2030. ^[44] Yet short‑term headwinds — from subsidy cuts to infrastructure concerns — are forcing investors to discriminate sharply between profitable, scaled players, funded innovators and vulnerable niche brands.
Today’s Fed decision could be a near-term catalyst.
A more dovish‑than‑expected Fed could support richly valued growth stocks like Tesla and high‑beta names like Rivian and NIO. Conversely, a hawkish tone or hints of slower rate cuts in 2026 might pressure stretched multiples across the EV complex.

How Traders Can Use Today’s Pre-Market Information

For active traders and short‑term investors, today’s pre‑market EV action offers a roadmap:

Momentum watchers may focus on Rivian and NIO, where pre‑market moves are larger and news, such as the NIO lock‑up expiry, could drive outsized intraday volatility.
Macro-sensitive traders might lean into Tesla and QuantumScape, both of which are closely tied to rate expectations and broader tech sentiment.
Value-oriented investors may be more interested in BorgWarner, GM, Ford or Renault, where EV exposure is blended with profitable combustion businesses and, in some cases, fresh partnerships designed to defend market share from Chinese entrants. ^[45]

As always, pre-market pricing can be thin and volatile, and the landscape can shift quickly once full regular-session liquidity arrives — particularly on a day dominated by a key Fed decision.

Nothing in this article is financial advice. EV stocks remain highly volatile, and anyone considering positions in these names should do their own research, evaluate risk tolerance, and consider consulting a licensed financial advisorbefore trading.