Electric vehicle stocks went into a tailspin in the week that ended on Aug. 1, as the broader market wilted under the weight of inflation worries. Stocks also reacted to earnings news from the space.
Here are the key events that happened in the EV space during the week:
Tesla CFO Departure, Pepsi's Testimony And More: The news concerning the resignation of Tesla, Inc. TSLA CFO Zachary Kirkhorn came as a bolt out of the blue. Although CEO Elon Musk's tweet did not suggest any kind of disagreement between the departing executive and the company, the wording of Kirkhorn's announcement led to speculation that there could be more than what meets the eyes.
Future Fund’s Gary Black suggested there could have been disagreements on some aspects of the company’s strategy related to price cuts, margins or even succession.
Beverage giant PepsiCo's Transformation and Strategy Director Amanda DeVoe said this week that the Tesla Semi is among the most crucial components to the company's business practices. She added that the company and its employees have quickly adapted to the ever-changing landscape in commercial logistics. PepsiCo bought 21 Semi Class 8 trucks from Tesla in Dec. 2022 as part of the company's green-energy drive.
When one Tesla influencer wondered about the wider availability of the EV maker’s latest version of the full-self driving software, Musk said Friday that Version 11.4.7 would likely go for a wider release within a week. He also said that V 12 is almost a total rewrite and is currently being tested by the company's QA drivers.
“Too much new code to go to the public yet, but it is mind-blowing imo,” he said.
See also: Best Electric Vehicle Stocks
GM's New Cadillac EV Launch Raises Eyebrows: Legacy automaker General Motors Corp. GM unveiled the electrified version of its Cadillac — the 2025 Cadillac Escalade IQ. Future Fund’s Black expressed surprise at GM's Cadillac pricing strategy. While the Escalade IQ is priced at $130,000, a rival offering from Tesla with superior performance metrics costs only $108,000, he said.
Rivian, Lucid Earnings: EV startups Rivian Automotive, Inc. RIVN and Lucid Group, Inc. LCID reported earnings this week. Rivian's revenue and loss per share were better than the consensus estimates, and the company lifted its full-year target by a modest increment. Analysts were left impressed with the company's results. Daniel Ives from Wedbush said Rivian “remains one of the core EV players over the next decade.”
Lucid's quarterly results disappointed, but the stock resisted a sell-off due to the company maintaining its full-year guidance and allaying concerns regarding liquidity.
Cruise, Waymo Gets Nod For Expanded Driverless Operations In San Francisco: GM's Cruise and Alphabet, Inc.'s GOOGL GOOG Waymo received the California Public Utility Commission‘s approval to add more vehicles and operate autonomously 24/7 throughout old San Francisco. Deepwater Asset Management's Gene Munster sees Tesla and Waymo as the biggest beneficiaries of the wider adoption of self-driving technology.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Nio Rules Out German Partnership: Nio, Inc. NIO refuted rumors of striking a partnership with German luxury automaker Mercedes-Benz Group AG MBGAF, CnEVPost reported. The speculation of a potential partnership gained ground after Nio's peer XPeng, Inc. NIO joined hands with Volkswagen AG VWAGY as the Chinese EV market continues to be increasingly competitive.
Read Next: Cathie Wood Slashes Tesla Stake Further As Ark Offloads Nearly $19M Worth Of Stock
EV Stock Performances for The Week:
| Tesla | Weekly Change |
| Nio | -4.42% |
| XPeng | -12.36% |
| Li Auto, Inc. LI | -11.14% |
| Fisker, Inc. FSR | -11.72% |
| Workhorse Group, Inc. WKHS | -24.50% |
| Lordstown Motors Corp. RIDEQ | -8.38% |
| Hyzon Motors, Inc. HYZN | -27.22% |
| Canoo, Inc. GOEV | -15.23% |
| Rivian | -14.61% |
| Lucid | +0.30% |
| Faraday Future Intelligent Electric, Inc. FFIE | -18.30% |
| Arrival ARVL | -7.41% |
| Nikola Corp. NKLA | -22.00% |
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
