Volcon's stock rockets toward record gain on record volume, in wake of EV maker's update on supply chain issues

Shares of Volcon Inc. (VLCN) rocketed 88.9% in very active trading Tuesday, putting them on track for a record one-day gain. Trading volume ballooned to an already full-day record of 93.3 million shares, enough to make the all-electric off-roading vehicle company's stock the most actively traded on major U.S. exchanges. The previous record gain for the stock, which went public in October 2021, was 40% on July 11, 2022, and the previous record for volume was 37.1 million shares on Friday. Volcon didn't immediately respond to a request for comment. The stock has charged up 161.3% since it closed at a record low of 7.3 cents on Dec. 20. Before Friday's open, the company said the previously announced supply chain problems it faced was limited to two components, which require minor software and hardware updates. "We are pleased to report that the remaining componentry of the Stag is in order, with componentry either on site or in route for production," the company said in a statement. "We are confident in our timeline and anticipate initiating shipments in the first quarter of 2024," the company added. Despite the recent rally, the stock has still plunged 96.3% year to date, while the Global X Autonomous & Electric Vehicles ETF (DRIV) has rallied 25% and the S&P 500 has advanced 24.1%.

-Tomi Kilgore

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12-26-23 1002ET

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