Bob Lutz, a former top leader of Ford, Chrysler and GM, was recently asked about the retail investors' interest in EV stocks, Nikola Motor and Tesla in particular.

The first recently doubled its value (from about $30 to over $60 per share), while the second hit $1,000 for the very first time (now it's down, but still above $900) and for a while, Tesla was the top carmaker in terms of overall stock value.

Bob Lutz said that there is no rational explanation about the evaluation of the stocks of those companies. It's rather "a mass psychosis." Lutz explains:

Nikola has yet to produce a vehicle and everything is built on future expectations
if you are looking for a rational economic expectations of the valuation of Tesla or Nikola there is nothing to be found
it is a form of a mass psychosis where enough believe that the stock is going to up, everybody wants to own it, so it does go up and it becomes a self-fulfilling prophecy