The electric vehicle space saw some buoyancy in the week ending on July 7 despite the weakness seen in the broader market. Positive headlines from EV companies proved healthy for the industry, sending stocks mostly higher.
Here are the key events that happened in the EV space during the week:
Tesla Continues With Discounts, Cybertruck Buzz And More: Tesla, Inc. TSLA surprised analysts and investors by opting to extend the discounts it offered for new inventory vehicles into the third quarter. The discounts were offered as part of the company's quarter-end push during the second quarter. Skeptics saw the development as reflecting weak demand and raised concerns about its impact on the company’s margins.
Still, at least one development in China should give some solace to investors. Tesla was among a slew of automakers in the country that signed a letter to avoid price cuts that would kill competition, according to reports.
As the Cybertruck launch approaches, the vehicle has created a lot of buzz among Tesla fans and bulls. On Friday, Tesla CEO Elon Musk offered an update himself, tweeting, "Just drove Cybertruck around Austin."
In response, fans asked whether Tesla's newest EV would arrive by September. Tesla bull Gary Black said he sees the Cybertruck launch as a game-changer for Tesla, giving the company’s volume a big lift.
Additionally, one more automaker embraced Tesla's North American Charging Standard, or NACS, this week. Mercedes-Benz AG MBGAF announced it will adopt Tesla's charging standard in 2025.
See also: Best Electric Vehicle Stocks
Rivian's Emergence As Credible EV Maker: Wedbush analyst Daniel Ives recently said in a CNBC interview that Tesla is “the world” and other EV makers are “renters.” At least one of the renters, however, has positioned itself well enough to emerge as a fitting competition to the Musk-led company.
Rivian Automotive, Inc. RIVN reported better-than-expected second-quarter deliveries this week. The stock began climbing ahead of this week as the Normal, Illinois-based startup struck a NACS charging partnership with Tesla. It gained further ground after the latest update on deliveries.
Sell-side went gaga over the developments and upped its price targets for the stock. Rivian was the best performer among EV stocks as it soared over 48%, thanks to an eight-session winning streak.
Fisker Q2 Production Misses Forecast: Teething troubles weighed down on Fisker, Inc. FSR, as the company produced only 1,022 Ocean SUVs. The number paled in comparison to the 1,400 to 1,700 units the company had targeted. Fisker blamed the miss on a shortage of components from its subsuppliers.
Nikola Adjourns Shareholder Meeting Yet Again: Struggling electric truck maker Nikola Corp. NKLA failed to get shareholder nod to issue new stock on its second try. The company adjourned its annual shareholder meeting until Aug. 3. Reports say a Delaware bill that is expected to pass in early August might help the company, as Nikola would require a simple majority — as opposed to the current 50% minimum — to approve an increase to outstanding shares.
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Audi's Rumored Mexico Production Plant: Audi, a subsidiary of the German automaker Volkswagen AG VWAGY, will reportedly announce on July 18 plans to open an EV production plant in Mexico. Incidentally, Tesla's Giga Mexico construction is already underway.
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% |
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