Today's News From The EV Land

When Tesla Inc TSLA CFO unexpectedly stepped down this week, we got another reminder that things are never dull in the EV land. On Wednesday, Tesla closed its fourth consecutive day of losses as a result. Today, tonneau cover manufacturer Worksport Ltd WKSP announced it will be participating at the H.C. Wainwright 25th Annual Global Investment Conference. On a less positive note, also today, Ford Motor F postponed the production launch of its EV that is to be built in Cologne, the Explorer.  Li Auto Inc LI reported its second quarter performance on Tuesday, comfortably beating estimates and clearly showing its ambition to outsell BMW, Mercedes-Benz and Audi in China next year. Li Auto named itself as the China’s leader in premium SUVs. 

Worksport Announced Participation At A Global Investment Conference

From September 11th to September 13th, 2023, the H.C. Wainwright 25th Annual Global Investment Conference will be taking place at the Lotte New York Palace Hotel in New York City located at 455 Madison Avenue. Besides those attending in-person, virtual presence will also be included with over 550 company presentations and panels scheduled as live feed or available on-demand. Worksport CEO Steven Rossi will be providing an overview of his innovative company with an admirable intellectual portfolio that contains hard and soft-folding tonneau covers, the eagerly anticipated solar-powered tonneau cover SOLIS and portable battery system COR, along with hydrogen-based solutions that enhance both clean energy and automotive industries. Worksport aims to be among the leaders guiding the world towards the future of clean energy transportation. Hyundai Motor Company HYMTF used a customized version of its solar-powered technology to enhance its 2024 Santa Cruz pickup that is due to hit the road next year. Hyundai revealed the SUV today via a digital world premiere that is part of the “Open for More” concept. Hyundai tried to convey the radical transformation of the model that promises to expand everyday experiences that span across the urban and remote landscapes, embracing both nature and cities. With Santa Cruz 2024, Hyundai promises to bring out the best of an SUV and an open bed vehicle, and powered by Worksport and its proprietary technology, it will certainly redefine camping and the ability to access and power remote locations. 

Ford Is Tweaking Its EV Strategy

The Explorer that was planned for early 2024 is now expected next summer. But this EV will not be built on a Ford-made tech platform, but rather on the one made by Volkswagen AG VWAGY. However, it is still unknown exactly which components will Ford be getting from Volkswagen and how exactly will the Cologne-made SUV differ from other MEB models. Although Ford aimed for an annual output of 600,000 EVs this year, it postponed that target to 2024 as the Blue Oval adjusts and continues to tweak its EV strategy. 

Li Auto Is Aiming High 

With its latest quarterly report, Li Auto showed its determination to challenge even Tesla and its biggest rival in the country, BYD Company Limited BYDDY), along with startup peers Nio (NYSE: NIO) and XPeng (NYSE: XPEV). Li Auto reported its revenue soared 209% to $3.983 billion. It delivered 86,533 vehicle and expects to raise deliveries for the undergoing quarter to 100,000-103,000 vehicles. It also guided revenue for the undergoing quarter in the range between $4.46 billion and $4.59 billion, marking a rise of 246% to 254%, greatly topping consensus estimates. Although its current portfolio is made of hybrids, Li Auto announced it will be introducing its first all-electric model, Mega, by the end of the year in China, along with launching three more BEVs next year. 

Volkswagen Outsold Tesla In July

Although only in Germany, Volkswagen has reclaimed its EV sales crown, beating Tesla, Mercedes-Benz, Audi, and BMW. In Germany, Volkswagen sold 536 ID. Buzz EVs in July, with a total of 2,815 from January to July. Electrek reported that according to the data from the country’s Germany's Federal Motor Transport Authority (KBA), Volkswagen sold 41,475 EVs in July, leaving behind Tesla who sold 40,289 vehicles. Volkswagen and Tesla combined sold more than twice as many EVs than Mercedes Benz who ended up third with 20,613 EV registrations. Audi had 16,786, followed by BMW with 15,987, with Hyundai being closely behind with 15,411 registrations. Therefore, Mercedes Benz, Audi and BMW are fiercely fighting for market share both on the domestic and Chinese EV front.

Is Stability Leaving Tesla Along With Kirkhorn?

Although the SEC filing states that Zach Kirkhorn, the abruptly departed Tesla CFO will continue to work at Tesla by the end of the year to assist with the transition, one cannot help but wonder, can Tesla remain on course as the person who was at the helm during the automaker’s financial turnaround suddenly decides to leave the boat. Within four years of Kirkhorn’s financial leadership, Tesla went from approximately breakeven in annual free cash flow to more than $7 billion in 2022, leaving many concerns if rare stability will leave the EV king along with Kirkhorn. One thing is certain, competitors are only ramping up their efforts to catch up.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.