Electric vehicle stocks had a mixed outing in the week that ended on Aug. 4, with the broader market volatility and company-specific catalysts dictating sentiment. Market leader Tesla, Inc. (NASDAQ:TSLA) ended the week lower as it retreated alongside its tech peers amid macro concerns.
Here are the key events that happened in the EV space during the week:
Tesla China Sales, Class Action Lawsuit, India Plans And More: The volatility in Tesla’s China sales continued, as data released by the China Passenger Car Association showed that July sales came in at 64,285 units, down 31% month-over-month. The year-over-year performance, however, showed 128% growth.
Meanwhile, Warren Buffett-backed BYD Company Limited (OTC:BYDDY) (OTC:BYDDF) reported pure battery EV sales of 134,783 units in July, up from 128,179 units in June.
After a report suggested Tesla had exaggerated claims regarding the range of its vehicles, three Tesla owners filed a class action lawsuit this week, seeking redress for their grievance.
Tesla is progressing swiftly with its India plans, as reports said the company had leased an office space in Pune, a city in Western India near Mumbai, the country’s financial capital. This assumes importance as Chinese EV startups have not found much success with their attempts to enter India, which is touted to have huge untapped potential.
The Elon Musk-led company was also hit with a recall this week, as it recalled 271 Model S and X vehicles in China due to issues with its vehicles’ seat belts and camera installation.
An analyst pointed out this week that used Tesla car prices fell to a record low and argued that the company should give up its strategy of cutting prices to push volume.
About four months after Fisker, Inc. (NYSE:FSR) began deliveries of its first EV, the company showcased its future product portfolio at its “Product Vision Day” held in Huntington Beach, California. It included a Fisker Ocean SUV with a Force-E offroad package, a Fisker Ronin sportscar, a Fisker Pear low-end EV and a Fisker Alaska EV pickup truck. The Alaska would be the world’s lightest EV pickup truck with a projected range of 230 to 340 miles. The company expects to begin deliveries in 2025 and hinted at a starting price of $45,400 before incentives.
Struggling hydrogen and electric truck maker Nikola Corp.’s (NASDAQ:NKLA) woes continued, with the company announcing its fourth CEO transition in as many years. The company said former General Motors Corp. (NYSE:GM) executive Stephen Girsky would immediately take over from Michael Lohscheller. The company said Lohscheller had opted to leave due to a family health issue.
The announcement came a day after the company’s shareholder had approved a proposal to allow the company to issue additional shares. Nikola shares, which has seen marked buying interest, especially from the retail crowd, pulled back over 26% Friday and yet finished higher for the week.
The company also said it would bolster EV technology development in China. It plans to use auto-parts suppliers Denso and Aisin to ramp up powertrain development and three joint venture partners, namely FAW Group, Guangzhou Automobile Group and BYD, for local design and small cockpits development.
The GM-EVgo, Inc. (NASDAQ:EVGO) duo has surpassed 1,000 installations of fast-charging stalls and is well on its way to its goal of installing 3,250 DC fast-charging stalls in major metro markets. Underlining the boom in the charging business, Evgo reported this week better-than-expected second-quarter results.
China is the world’s second-biggest auto market, and the country boasts a thriving EV startup ecosystem. Toyota Motors Corp. (NYSE:TM), which is the world’s biggest automaker by volume, said this week it wants to catch up with its domestic rivals in China.
EV Stock Performances for The Week:
Weekly Change
Tesla
-4.72%
Nio, Inc. (NYSE:NIO)
-0.14%
XPeng, Inc. (NYSE:XPEV)
-21.68%
Li Auto, Inc. (NASDAQ:LI)
+7.30%
Fisker
-0.85%
Workhorse Group, Inc. (NASDAQ:WKHS)
+1.71%
Lordstown Motors Corp. (OTC:RIDEQ)
+3.77%
Hyzon Motors, Inc. (NASDAQ:HYZN)
-12.89%
Canoo, Inc. (NASDAQ:GOEV)
+12.03%
Rivian Automotive, Inc. (NYSE:RIVN)
-6.24%
Lucid Group, Inc. (NASDAQ:LCID)
-11.39%
Faraday Future Intelligent Electric, Inc. (NYSE:FFIE)
+26.73%
Arrival (NASDAQ:ARVL)
-3.14%
Nikola
+10.13%
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