EV shares rallied on Wednesday. VinFast soared nearly 11%; Lucid up 6.6%; XPeng up 4.5%; Tesla, Rivian up more than 3%.

Lucid stock jumped 15% in two trading days. Morgan Stanley upgrades Lucid's stock on opportunity for change.

Lucid Group's stock has had a tough time ever since the EV maker announced its founder and chief executive was on his way out.

Far from being a detriment to the company, the change afoot in the C-suite might present an opportunity, Morgan Stanley analyst Adam Jonas said on Monday. Jonas raised his ratings on Lucid's stock to the equivalent of hold, from sell, based on the possibilities,

"We see emerging scope for Lucid's ability to play a role in the embodied AI theme" as a maker with access to capital and strategic relationships that uniquely enable it to straddle geopolitical hurdles, potentially partnering with both China and the Western world, he said.

Chinese electric-vehicle maker XPeng posted better-than-expected fourth-quarter results and gave strong guidance.

Tuesday morning, XPeng reported a loss of 10 cents per share on sales of $2.2 billion. Wall Street was looking for a loss of 22 cents per share on sales of $2.2 billion, according to FactSet.

Looking ahead, XPeng expects to deliver 91,000 to 93,000 cars in the first quarter, up about 320% year over year. For March, guidance implies about 31,000 vehicles delivered, up about 250% year over year.