Most electric vehicle stocks advanced in the week that ended on Nov. 18 amid the broader market recovery set in motion by a couple of benign inflation readings. Market leader Tesla, Inc. TSLA led from the front with a weekly gain of over 10%, despite backlash from even the staunchest Tesla fans over CEO Elon Musk’s backing of antisemitic content on X.
Here are the key events that happened in the EV space during the week:
Tesla Swedish Woes Mount, Cybertruck Updates And More: IF Metall, one of the most powerful unions in Sweden, is looking to disrupt work at Tesla’s Berlin Gigafactory, a report by Carup.se said, citing Ekot, the news arm of Swedish national radio broadcaster Sveriges Radio. A Swedish company that makes aluminum profiles for Tesla EVs manufactured in Giga Berlin has reportedly joined the sympathy strike and blockade.
Tesla, meanwhile, released a statement to Tesla owners in the country, saying, “Like many other companies, we have chosen not to enter into a collective agreement. More than 90% of our employees have chosen to remain in their positions, ready to welcome you to our delivery centers, service centers and stores.”
As the Cybertruck launch fast approaches, Tesla sent out invites to the event, with participants selected via a raffle. Separately, Tesla product design director Javier Verdura said at a conference in Monterrey, Mexico, that the company will likely deliver 10 Cybertrucks at the event, Electrek reported, citing MIlenio.
Musk’s support for an antisemitic post on X was the center of controversy toward the end of the week, with many expressing their disappointment over the billionaire’s stance. Some went to the extent of saying they would stop buying a Tesla. Women-led impact investing firm Nia Capital said in a LinkedIn post that it was appalled by Musk’s comments and saw his behavior as dangerous.
“We ask that the Board of Directors take appropriate actions to address this violation, to result in censure by the Board, demotion, re-assignment, suspension, or removal,” the firm said in a statement posted on LinkedIn.
Tesla investor and Gerber Kawasaki Wealth and Investment Management Managing Partner Ross Gerber said in a post on X that “[it] takes a lifetime to build a reputation, and a day to lose it.”
“Sadly, this is a win for Rivian … I will be replacing my Tesla model Y for a Rivian next year and I’m sure the rest of LA will as well,” he added.
See also: Best Electric Vehicle Stocks
Nikola CFO Quits: Struggling electric and hydrogen fuel cell truck maker Nikola Corp. NKLA saw a key executive departure. In a filing with the SEC on Friday, Nikola said Anastasiya Pasterick informed the company on Monday that she will be resigning from her position to pursue other opportunities. She will continue to serve as CFO and assist with a transition through Dec. 1, the company said.
Key financial leadership at the company would now report to Nikola CEO Stephen Girsky, it added.
Pasterick was appointed to the role only in March, as she took over from her predecessor Kim Brady, who had spearheaded the company’s efforts to go public through a SPAC deal. The company recently reported a wider-than-expected loss, stung by expenses associated with the recall of its trucks.
Fisker’s Underwhelming Q3, ‘Material Weakness Warning: EV startup Fisker, Inc. FSR reported third-quarter results that trailed expectations. Following the release of the earnings report, the company said in a SEC filing that, following the abrupt departure of its chief accounting officer in October, it “determined that it has material weaknesses in the Company's internal control over financial reporting.” The weakness will delay the filing of its 10-Q report, the company flagged.
Rivian Offers Freebie For R1T: In line with the EV industry’s strategy of pulling all stops to push vehicles, Rivian Automotive, Inc. RIVN announced this week it will offer a free wall charger and a $2,000 installation credit if a customer buys a R1T pickup truck on or before Dec. 31. The move comes as Tesla is all set to launch its version of the electric pickup truck, the Cybertruck, on Nov. 30.
Volkswagen Recalls ID.4s In US: Germany legacy automakers Volkswagen AG VWAGY said, in a filing with the National Highway Traffic Safety Administration, that it is recalling its U.S.-bound 2023 ID.4 electric crossovers because the material that was used for the interior sunshade of the panoramic glass roof may not meet federal standards for flammability. The recall involved 23,883 EVs made between Sept. 2, 2023 and Aug. 24, 2023.
The KraneShares Electric Vehicles and Future Mobility Index ETF KARS ended Friday’s session down 0.88% at $25.04, according to Benzinga Pro data. For the week, the ETF rose 4.51%.
EV Stock Performances for The Week:
| Performances (+/-) | |
| Tesla | +9.15% |
| Nio | +2.07% |
| XPeng, Inc. XPEV | +10.03% |
| Li Auto, Inc. LI | +10.39% |
| Fisker | -36.72% |
| Workhorse Group, Inc. WKHS | -1.99% |
| Hyzon Motors, Inc. HYZN | +67.74% |
| Canoo, Inc. GOEV | +23.27% |
| Rivian | +8.44% |
| Lucid Group, Inc. LCID | +11.84% |
| Faraday Future Intelligent Electric, Inc. FFIE | -28.13% |
| Arrival ARVL | +22.90% |
| Nikola | +7.69% |
| VinFast Auto Ltd. VFS | -10.87% |
Photo: Shutterstock
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