Electric vehicle stocks had a mixed outing in the week ending June 9, with the upward momentum in Tesla, Inc. TSLA shares accelerating. The Elon Musk-led company brought down charging infrastructure stocks following a deal it announced with General Motors Corp. GM.
Here are the key events that happened in the EV space during the week:
Tesla's GM Pact, Global Expansion Drive And More: Close on the heels of striking a partnership with Ford Motor Co. F, Tesla announced a deal with crosstown rival GM. In a statement, GM said it is collaborating with Tesla to integrate the North American Charging Standard connector design into its EVs, beginning in 2025. The collaboration will expand access to charging for GM EV drivers at 12,000 Tesla Superchargers, building on the 134,000 chargers that are already available to them.
Tesla CEO Elon Musk and GM CEO Mary Barra discussed the partnership during a Twitter Spaces session.
Analysts, including Wedbush's Daniel Ives and Piper Sandler's Alexander Potter, see Tesla earning about $3 billion by 2030 as a result of its recent charging collaborations. Ives upped his price target for Tesla shares from $210 to $300. “Tesla golden EV success story” is still in the early days, he said.
Tesla has been exploring expansion into more international markets to strengthen its credentials as a truly global EV player. Musk connected with Mongolian Prime Minister Luvsannamsrain Oyun-Erdene virtually this week to discuss a potential EV investment in the country. A Reuters report said the company is also in discussions with the local government of Valencia in Spain for a potential automotive investment.
The EV pioneer has additionally rekindled talks with India in regards to setting up a vehicle assembly plant in the country, reports say.
See also: Best Electric Vehicle Stocks
Fisker, Lucid Look Toward China: China appears to be an attractive destination for EV startups Fisker, Inc. FSR and Lucid Group, Inc. LCID. Lucid hired Zhu Jiang, an automotive industry veteran, to head its China operations, a local media outlet reported. Following its public listing, the company set a 2023 timeframe to enter China and a "middle-of-the-decade" timeframe to build a plant in the country.
Fisker, which began deliveries of its first vehicles in Europe recently, announced that it plans to open a delivery center in China in 2023 and start delivering the Fisker Ocean SUV in the first quarter of 2024.
Ford Sees No EV Price Parity Until 2030: At an investor conference, Ford CEO Jim Farley said EVs will likely cost more than their counterparts that run on an internal combustion engine (ICE) until the second- and third-generation EVs go into production later this decade, Reuters reported. The executive said he does not expect the cost of making EVs to drop to the level of making ICE vehicles until 2030, when the process becomes simpler and less labor-intensive.
Nikola Pushes Back Shareholder Meeting: Shares of beleaguered EV truck maker Nikola Corp. NKLA received a lift on Friday after the company said it would postpone its annual shareholder meeting from June 7 to July 6 to allow shareholders additional time to vote for a proposal to increase its authorized shares. The move may have been precipitated by a lack of the required votes for the proposal. The company, which plans to make its hydrogen fuel-cell energy trucks, is short of cash to keep operations going.
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Nio's Mixed Q1: Chinese EV startup Nio, Inc. NIO reported a first-quarter loss that was narrower than the consensus loss estimate, while its revenue trailed expectations. The company's guidance suggests second-quarter deliveries and revenue will likely decline from a year ago.
Read Next: Tesla Rival Lucid Eyes Highly Competitive China Market Despite Production Woes On Home Turf
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: Shutterstock
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