Electric-vehicle stocks came under selling pressure in the week ended Aug. 2 amid the broader market meltdown even as most smaller names prepare to unveil their quarterly numbers.
Here’s a rundown on what happened in the EV space during the week:
Tesla Stock Dips, China Standing Surges: Shares of Tesla, Inc. TSLA declined over 5% over the week, with part of the weakness stemming from the uncertain near-term outlook denting investor confidence. That said, the company had some good tidings this week as it reported robust sales in China, one of its key markets.
Data released by the China Passenger Car Association showed that Tesla sold 74,117 made-in-China EVs in July, CnEVPost reported. This marked a 4.4% month-over-month increase and a 15.3% year-over-year climb. The CPCA releases a more detailed report, breaking down the exports and domestic sales next week, and it will give a clearer picture of domestic EV demand.
Tesla CEO Elon Musk had good news on the full self-driving technology as he said in a post on X, a social-media platform he owns that doubling average miles between interventions in the near term. “We have a clear path to doubling average miles between interventions in August," Musk said, hinting that the performance of FSD software will likely improve,” he said.
BYD Strikes Pact With Uber: Ride-hailing company Uber Technologies, Inc. UBER and Chinese EV maker BYD Co. Ltd. BYDDY BYDDF announced a multi-year strategic partnership to bring 100,000 new BYD vehicles onto the Uber platform across key global market, starting with Europe and Latin America.
The partnership will likely offer drivers access to “best-in-class pricing and financing for BYD vehicles on the Uber platform.”
The association assumes importance as Tesla, which competes with BYD in the Chinese market, is working on its own robotaxi service.
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Lucid Shares Gravity Production Update: Luxury EV maker Lucid Motor Co. LCID CEO Peter Rawlinson shares a video of the rollout of the first pre-production Gravity EV from the Arizona factory. “I feel so honored to have just driven the very first pre-production Lucid Gravity fresh off the production line at our Arizona factory,” he said in a LinkedIn post, adding that “Lucid Gravity moves another step closer to customer’s hands.”
The Gravity is a SUV with a projected range of up to 440 miles and is based the company’s next generation proprietary electric powertrain. It is expected to launch in late-2024 and is priced under $80,000.
Ford ‘s EV Sales Perk Up: Legacy automaker Ford Motor Co. F reported EV sales of 8,242 for July, up 31% from a year-ago. Mustang Mach-E sales climbed 16% to 4,592 units and the F-150 Lightning EV pickup trucks sales jumped 82 to 2,822 units. The sales growth came on the back of the new incentives offered by the company through its Summer Sales event, which began on July 9. Pureplay EV sales rose 31%, but it trailed the 47% sales growth recorded for hybrids. Ford’s ICE sales, meanwhile, fell 5%, dragging the overall growth to a negative 0.2%.
The KraneShares Electric Vehicles and Future Mobility Index ETF KARS ended Friday’s session up 0.72% at $19.31 according to Benzinga Pro data. For the week, the ETF fell 3.47%.
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Here’s how the EV stocks fared this week:
| Weekly Change (+/-) | |
| Tesla | -5.52% |
| Nio, Inc. NIO | -8.58% |
| XPeng, Inc. XPEV | -11.16% |
| Li Auto, Inc. LI | +0.31% |
| Workhorse Group, Inc. WKHS | -13.42% |
| Hyzon Motors, Inc. HYZN | -30.42% |
| Canoo, Inc. GOEV | -13.04% |
| Rivian Automotive, Inc. RIVN | -9.19% |
| Lucid | -7.69% |
| Faraday Future Intelligent Electric Inc. FFIE | -14.49% |
| Nikola Corp. NKLA | -15.11% |
| VinFast Auto Ltd. VFS | -5.33% |
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