Despite the strength seen in the broader market, most electric vehicle (EV) stocks settled lower for the week. However, Tesla, Inc. (TSLA) and the Chinese EV trio managed to end the week in the green. Here are the key events that happened in the EV space during the week:
1. Tesla’s Swedish Labor Woes and Cybertruck News: Tesla has been facing strikes by the Swedish trade union IF Metall in eight Tesla workplaces in the country for about five weeks now. The strike has impacted the delivery of license plates to new Tesla cars. In response, Tesla CEO Elon Musk called the situation “insane.” Meanwhile, anticipation for the upcoming Cybertruck launch is building, with fans and influencers sharing photos of the electric pickup truck arriving at Tesla stores in North America. Future Funds Gary Black predicts that the Cybertruck will have a significant impact on Tesla’s volume growth, similar to the Model Y’s impact in 2020.
2. Tesla’s Full Self-Driving Technology in China: Tesla is reportedly looking to implement its full self-driving (FSD) technology in China. The company confirmed that work to bring FSD to China is moving forward.
3. Rivian’s CEO Assumes Expanded Role: Rivian Automotive announced that CEO RJ Scaringe will now have direct responsibility for all product functions, including software, autonomy, design, vehicle, electrical, propulsion, and programs. This move comes as the company focuses on developing its R2 lineup of affordable EVs.
4. Fisker Stock Rallies Following Quarterly Report Filing: EV startup Fisker saw its stock rally after filing its 10-Q report with the SEC. The report showed that Fisker’s third-quarter revenue fell below expectations, which the company attributed to personnel changes and increased complexity from rapid growth.
5. Nio Executive Refutes Potential Collapse Rumors: Nio’s president and co-founder, Qin Lihong, dismissed rumors of the company going out of business. Nio, which sells premium EVs in China and a few European markets, is facing challenges due to the economic climate and aggressive price competition in the industry.
6. GM’s Cruise to Restart Robotaxi Services: General Motors’ Cruise, which suspended its robotaxi services in California due to safety concerns, is planning to relaunch in a new city. The company is focused on improving its safety culture and rebuilding trust before expanding to other locations.
Overall, while most EV stocks had a lackluster performance for the week, Tesla and Chinese EV companies showed resilience. The EV industry continues to face challenges, but there are also exciting developments and new launches on the horizon that could drive growth and investor interest.