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Slowing growth in electric vehicle (EV) sales has hit many stocks hard. However, two names stood out among the sector last month: Rivian Automotive (RIVN 6.97%) shares soared by about 23%, while EV leader Tesla (TSLA 10.20%) jumped by 11%, according to data provided by S&P Global Market Intelligence.

But while investors piled into those two leading names in June, many others sold shares in companies that don’t look to have as much potential. VinFast Auto (VFS -2.64%) is one case in point as it struggles to gain a foothold with EV buyers. Its shares dropped by 12.1% last month.

A busy month for Tesla and Rivian

Investors started to turn bullish on Tesla again in June after a rough start to the year. Slowing sales growth across the EV sector, other distractions for CEO Elon Musk, and more competitive EV options for consumers combined to push investors to sell Tesla stock. But one big weight on the stock was lifted in June when Tesla shareholders approved a controversial pay package for Musk.

Investors hoped that would help him refocus on the business. Questions about its aspirations and plans for self-driving robotaxis also were temporarily pushed back, with the company announcing a presentation on the topic coming Aug. 8. That all led to a trough in the stock price and a new surge higher that has continued into the start of July.

Investors had very different concerns with Rivian. While it has developed a unique brand and increased sales in the last two years, the EV start-up continues to bleed cash. But global automaker Volkswagen agreed to invest up to $5 billion in Rivian over the next two years, tossing it a lifeline in investors’ eyes.

That investment plan includes an initial $1 billion investment in the form of a convertible bond, and subsequent tranches of $2 billion each for common stock and for an EV technology joint venture project, respectively. That additional cash should help Rivian get to the point where it is in production with its next-generation R2 vehicle platform, and that lower-cost SUV should appeal to a larger base of consumers. Investors think that could be the pivotal point from which Rivian could excel and prosper.

Electric vehicle (EV) sales pick back up

After the end of the month, there have been signs that EV sales may be picking up. Several Chinese EV makers reported strong June shipments. That looked to be a trend from Nio, as its June deliveries represented a second consecutive monthly record.

Tesla also reported strong second-quarter sales. Though deliveries dropped by about 5% year over year, they exceeded forecasts.

But not every EV maker can say things are moving in a positive direction. The bankruptcy announcement from Fisker last month spooked investors out of other struggling start-ups. That included Vietnam-based company VinFast Auto. That company is relying on a new plant being built in North Carolina to accelerate its EV sales in the U.S. But that facility’s opening has been delayed, and VinFast continues to pour money into its construction.

Investors clearly are beginning to choose winners and losers in the EV race. And last month, Tesla and Rivian were the big winners. Investors will learn more about whether that’s a signal to buy when both companies provide new updates soon. Tesla reports earnings on July 23, and provides an update on its self-driving technology on Aug. 8. Rivian reports its second-quarter earnings on Aug. 6.