Most electric vehicle stocks advanced in the week ending September 9, reversing course from the previous week’s across-the-board sell-off. The recovery is in part attributable to the rebound by the broader market following a lean patch.
Rivian Automotive, Inc. (NASDAQ:RIVN) led the week’s gains amid a company-specific catalyst and EV leader Tesla, Inc. (NASDAQ:TSLA) had its first positive week after the company’s August 25 stock split.
Now, here are the key events that happened in the EV space during the week:
Tesla Goes Gangbusters In China: After July’s setback amid factory upgrades, Tesla came back with a vengeance to turn in a solid month in August. Deliveries jumped 173% month-over-month and 74% year-over-year to 76,995 units, just shy of the record June tally.
Tesla began delivering its Model Y electric SUV in Japan this week, with the RWD variant costing the equivalent of $46,160 and the AWD Performance variant about $60,300.
Amid the supply chain disruptions, Tesla is planning another step toward vertical integration. The EV maker is reportedly contemplating the possibility of developing a battery-grade lithium hydroxide refining facility, with Texas being the potential location. If all goes according to plan, the company would have the facility up and running by the fourth quarter of 2024.
Citing benefits from the “Inflation Reduction Act of 2022,” Rod Lache from Wolfe Research upgraded Tesla shares from Market Perform to Outperform and increased the price target from $317 to $360.
Rivian Strikes EV Partnership: Rivian announced this week a tie-up with Mercedes-Benz Group AG (OTC:DMLRY) to manufacture EV vans. The strategic partnership envisages establishing a new joint venture manufacturing company for operating a factory in Europe to produce large EV vans for both companies, starting in a few years.
The companies plan to build an EV-only production facility at Mercedes-Benz’s site in Central/Eastern Europe and produce two large vans, one based on each of their platforms.
Lucid Loses Manufacturing Executive: A Business Insider report said this week that Lucid Group, Inc.’s (NASDAQ:LCID) VP of Global Manufacturing Peter Hochholdinger has left the company, although his LinkedIn profile still lists him as being employed with Lucid.
The report claimed that at least five other key manufacturing executives have quit in recent weeks. Lucid recently sharply cut its 2022 production target, citing supply chain and logistical challenges.
Nikola’s Infamous Video To Be Shown To Jurors: A U.S. District Court judge ruled this week that jurors at the trial investigating fraud claims against Nikola Corporation (NASDAQ:NKLA) founder Trevor Milton will be shown a marketing video the company made that showed its truck seemingly moving under its own power, when in fact it was rolling down a hill, Reuters reported.
The judge also quashed Milton’s motions to dismiss an indictment that he was lying to investors about the progress of the company’s technology, starting in 2019.
EV Stock Performances for The Week:
Photo: Courtesy of Maurizio Pesce on flickr
