Electric vehicle stocks advanced in the week ending July 8, thanks to positive broader market sentiment and some encouraging company-specific news. Market leader Tesla, Inc. (NASDAQ:TSLA) closed above the $750 level and Rivian Automotive, Inc. (NASDAQ:RIVN) also advanced solidly.
Here are the key events that happened in the EV space during the week:
Tesla Amid Abounding News Flow: Tesla's resilience came to the fore as the company reported record June sales in China. After an anemic performance in April, when Giga Shanghai was shut down for about three weeks, the company came back strongly in May and hit the top gear in June.
Tesla pushed out 78,000 Giga-Shanghai-made cars in June, according to the industry body China Passenger Car Association.
Reflecting China's importance in Tesla's scheme of things, the company is reportedly planning to appoint its top Chinese executive Tom Zhu to oversee its Asia-Pacific operations. This responsibility was previously held by North American executives.
Tesla chief executive officer Elon Musk hinted at a "highly configurable Robovan" that is meant to transport people and cargo. He also suggested it could have an optional solar power canopy that extends on both sides of the van, tripling the roof area.
Reports in the German press suggested that new systems for producing the Cybertruck drives have been ordered from German manufacturers and these would be deployed in Giga Texas around early June 2023. This machinery, according to the report, is capable of producing about 750,000 drives per year.
Related Link: As Tesla Faces Trial Over 2018 Fatal Crash, Prospective Jurors Profess To Being 'Big Elon Musk Fans'
Rivian Rings In Fairly Robust Q2 Deliveries: Rivian, a manufacturer of EV pickup trucks, said it delivered 4,467 vehicles in the second quarter and also confirmed plans for producing 250,000 vehicles in 2022. This should come as a relief to investors, who were nervous after the company reduced its production guidance by about half earlier this year.
Nio Holds Power Day 2022: Chinese EV startup Nio, Inc. (NYSE:NIO) hosted its annual Nio Power Day 2022 during the week. In an event held virtually, the company reportedly launched a 500-kilowatt ultra-fast charger having a peak current of 650 amperes. The company also teased its third-generation battery-swap station, which it plans to install in late 2022/early 2023.
Volkswagen Announces Battery Plant Investment: German automaker Volkswagen AG (OTC:VWAGY) said it, along with its partners, plans to invest about $20.38 billion in a battery manufacturing plant in Salzgitter. The announcement came during the ground-breaking ceremony for the proposed plant. The company ultimately targets battery production capacity of 240 gigawatt-hours a year, thanks to a slew of plants it is contemplating bringing online.
Fisker Announces Consumer Financing Platform:Fisker, Inc. (NYSE:FSR) announced "Fisker Finance," a digital financing platform offering seamless and convenient loan purchase options to Fisker customers. The company also reaffirmed the nomination of Chase in the U.S. and Santander Consumer Finance in Europe as retail financing partners.
Separately, it was revealed that Fisker has asked reservation holders for its Ocean One Launch Edition vehicle to pay an incremental $5,000 non-refundable deposit on top of the $250 they had paid for securing a reservation.
Related Link: Tesla In Talks To Source Camera Modules From Samsung Subsidiary
EV Stock Performances for The Week:
