Electric vehicle stocks closed the week ended May 19 on a positive note, with the broader market strength and company-specific catalysts generating growth in the space.
Tesla, Inc. TSLA stock rose to a one-month high, capitalizing on the positive tidings out of the company's annual shareholder meeting.
Here are the key events that happened in the EV space during the week:
Tesla Hears Out Investors, Revives India Plans And More: At Tesla's annual shareholder meeting atGiga Texas this week, CEO Elon Musk reassured investors that he will not step down from Tesla anytime soon. He confirmed the timeline of the Cybertruck‘s launch and spoke about two next-gen vehicles that have the potential to hit volumes of 5 million per year.
In a notable development, the billionaire said he is open to trying out advertising on a small scale to popularize Tesla’s lesser-known features to potential customers.
Commenting on the prospects of the Cybertruck following the shareholder meeting, Kevin O'Leary of “Shark Tank” said the vehicle, though outlandish, is very interesting and would do a lot of good from a margin perspective.
After on-and-off negotiations with the Indian government, Tesla has reignited its quest to conquer the Indian frontier. Reports suggested that several key C-suite executives from Tesla could meet with Indian government officials as early as next week, primarily to discuss sourcing materials and push for an import duty cut for the company's EVs.
See also: Best Electric Vehicle Stocks
Fisker Confirms Itinerary For Second Tranche Of Deliveries: Fisker, Inc. FSR, which began its first deliveries of its Ocean SUVs earlier this month, said it is commencing the next phase of production to accelerate the global launch of the EV. The company said it is planning deliveries to customers across Europe and the U.S. markets, starting in June.
By the end of June, the company expects to build 1,400 to1,700 vehicles, provided the supply chain keeps up its commitment. Anticipating a ramp-up in the third quarter, the company reaffirmed its 2023 volumes guidance of 32,000 to 36,000 units.
Ford Opts For Prudent China Strategy: As Ford's EV business in China racks up losses to the tune of $600 million, the company is eyeing a measured and prudent plan in the country. CEO Jim Farley said in an interview with Financial Times that the automaker will look to scale back future investments in China. Those winning in the Chinese EV market are not traditional automakers but startups, he further noted.
"We don't want to leave China like others have because the battery technology, the user digital experience . . . is among the best in the world," he reportedly said.
Canoo's Q1 Loss Narrows: Canoo, Inc. GOEV, the maker of Lifestyle EVs, reported this week a narrower loss for its first quarter. CEO Tony Aquila hinted at several announcements concerning more orders this quarter.
A recent tweet from the company listed customers of its lifestyle delivery vans. Apart from the announced names, the company also mentioned Chick-Fil-A. This set off speculations that the fast food chain could be one of the new customers Aquila hinted at.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Toyota Wants To Err On The Side Of Caution: Japanese auto giant Toyota Corp. TM is not very optimistic about EV adoption, Jalopnik reported, citing a memo sent to dealers. The company reportedly believes that the high cost of raw materials makes manufacturing plug-in hybrids more profitable than EVs. The company also has a muted outlook toward charging infrastructure in the U.S.
The Infrastructure Reduction Act had left out a bulk of PHEVs/EVs and therefore automakers and dealers had shown declining interest in these new-energy vehicles, the memo said. This explains Toyota's electrification strategy of pushing ahead with a combination of PHEVs and EVs.
Read Next: As Tesla Stock Hits 1-Month High, Analyst Lists 6 Key Catalysts That Drove This Week’s Rally
EV Stock Performances for The Week:
| Weekly Change | |
| Tesla | +3.50% |
| Nio | +3.56% |
| XPeng | +9.47% |
| Li Auto | +1.83% |
| Fisker | -3.42% |
| Workhorse | +14.63% |
| Lordstown | -35.74% |
| Hyzon | -1.22% |
| Canoo | -6.31% |
| Rivian | +4.60% |
| Lucid | -2.65% |
| Faraday Future | +40.65% |
| Arrival | -10.75% |
| Nikola | +10.53% |
| Kandi Technologies | -6.29% |
| Blink Charging | +0.56% |
| Quantamscape | -8.71% |
Photo: NVIDIA Corporation via flickr
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