Most electric vehicle stocks settled the week lower, although leader Tesla, Inc. (NASDAQ:TSLA) and the Chinese EV trio managed to end in the green. The lackluster performance came despite the strength seen in the broader market.
Here are the key events that happened in the EV space during the week:
Tesla’s Swedish Labor Woes, Cybertruck News And More: The strike by Swedish trade union IF Metall against Tesla, urging for collecting bargaining, precipitated this week. The situation prompted Tesla CEO Elon Musk to comment. As the Swedish postal services joined the strike in sympathy with IF Metall — which prevented license plates from reaching new Tesla cars — the billionaire said, “This is insane.”
IF Metall, one of Sweden’s most powerful trade unions, has been leading strikes in eight Tesla workplaces in the country for about five weeks now, The Guardian reported.
With the Cybertruck launch less than a week away, Tesla fans and influencers are flooding social media with photos of the electric pickup truck arriving in several locations. Musk confirmed on X this week that “Cybertrucks are on their way to Tesla stores in North America!”
Future Funds Gary Black relayed his excitement about the vehicle in a few posts. Calling the Cybertruck the “biggest people magnet,” he said the EV will likely have the same impact on volume as the one produced by Model Y when the latter was launched in 2020. Tesla’s volume growth increased from 36% in 2020 to 87% in 2021, he said. The fund manager expects Cybertruck to have a “halo effect” on the rest of Tesla’s EV lineups.
Tesla is looking to implement its full-self driving technology in China, CnEVPost said, citing a local media news outlet. Tesla China later confirmed the rumors. “[Work to bring FSD to China] is indeed moving forward at the moment,” it reportedly confirmed to the source of the report.
Rivian’s RJ Scargine Assumes Expanded Role: Rivian Automotive, Inc. (NASDAQ:RIVN) said in a filing that CEO RJ Scaringe will assume direct responsibility of all product functions, including software, autonomy, design, vehicle, electrical, propulsion and programs. The chief product officer, Nick Kalayjian, will move to the role of EVP, Vehicle Engineering & Propulsion, and will continue to report to the CEO. The development assumes importance as the company is revving up efforts to develop its R2 lineup of affordable EVs based on a different platform.
Fisker Stock Rallies Following Quarterly Report Filing: Shares of EV startup Fisker, Inc. (NYSE:FSR) rallied strongly on Friday after the company filed its delayed 10-Q report with the SEC. The report showed that Fisker’s third-quarter revenue came in way below expectations. The company attributed the delay to personnel changes, identification of material weaknesses in internal controls, increased complexity from its compressed and rapid growth in vehicle production, global deliveries and revenue generation.
Nio Executive Refutes Report Of Potential Collapse: Chinese EV maker Nio, Inc.‘s (NYSE:NIO) president and co-founder Qin Lihong dismissed rumors of the company going out of business, CnEVPost reported, citing a speech by the executive at the Guangzhou auto show. “Nio will not go out of business, and there is absolutely no possibility of it going out of business,” he reportedly said. The company, which sells premium EVs in China and a few European markets, is struggling amid the inclement economic climate and the aggressive price war in the industry.
GM’s Cruise Mulls Guarded Robotaxi Restart: General Motors Corp.’s (NYSE:GM) Cruise, which was forced to suspend robotaxi services in California following a few mishaps, is set to relaunch in a new city. “Once we have taken steps to improve our safety culture and rebuild trust, our strategy is to re-launch in one city and prove our performance there, before expanding,” Cruise reportedly told Reuters in a statement. The company will reportedly focus on Bolt-based Cruise AVs in the near term.
It is also planning a longer-term strategy around the Origin, a multi-passenger vehicle designed without a steering wheel or other controls for operation by a human driver.
The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) ended Friday’s session up 0.24% at $24.92, according to Benzinga Pro data. For the week, the ETF lost 0.45%.
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