EV stocks had a fairly good outing on Wall Street in the week ending Aug. 27, with most advancing in the session. Here are the key EV-related news events that took the spotlight during the week:
Tesla Makes News With Utility Foray, Musk's FSD Commentary & Model Y: A week after Tesla, Inc. TSLA created ripples with its AI Day, it was revealed that the EV maker has filed with the Texas Public Utility Commission for the sales of electricity directly to consumers in the state.
The application was filed by the EV giant's Tesla Energy Ventures subsidiary. The company has kickstarted a big battery build in Angleton, Texas, which will likely add a 100-megawatt energy storage system to the grid.
Tesla's full self-driving suite has elicited a mixed reaction. However, not many would have seen a not-so-flattering comment coming from Elon Musk about the latest public version of FSD, V9.2.
In a reply to a tweet about the iteration, Musk said FSD beta 9.2 isn't actually great and that the Autopilot/AI teams are attempting to have a single stack both for highways and city streets.
Musk added in a threaded reply that he just drove FSD 9.3 from Pasadena to Los Angeles and it is "much improved."
The EV maker also released version 4 of its mobile app with a significant user interface refresh and several new features.
Tesla's Giga Shanghai's production rate of Model Y vehicles hit 1,000 units per day, while the company also began deliveries of exported Model Y vehicles in Europe.
Video: Courtesy of Tesla China
Related Link: Amazon-Backed EV Maker Rivian Confirms Confidential IPO Filing
Lordstown Gets a New CEO: Struggling EV pickup truck maker Lordstown Motors Corp. RIDE announced the appointment of industry veteran and ex-Icahn Enterprises executive Daniel Ninivaggi as new CEO.
Ninivaggi assumes the reins at a time the company is struggling with production hiccups and a cash crunch.
Nio Offers NOP Tutorial After facing negative press over the fatal accident involving its ES8 SUV, Nio, Inc. NIO began offering through its Nio app a "Navigation on Pilot" test comprising a 6-minute introductory video and 10 questions on the features of the driver assistance system.
The company also reportedly unveiled its mobile service van, which can help customers fix their cars anytime, anywhere to improve their car-using experience.
XPeng's Mixed Quarter: XPeng, Inc. XPEV reported Thursday forecast-beating second-quarter deliveries and revenues, and improving gross margins. The guidance for the third quarter was upbeat.
The sore spot, however, was a wider-than-expected loss for the quarter.
A XPeng spokesperson told Benzinga that the wider-than-expected loss reflected increased investment in building the network and R&D to capture the unprecedented growth.
Alibaba, Intel Invest In Self-driving Tech: Alibaba Group Holding Limited BABA has reportedly become a majority stakeholder in Shenzhen-based DeepRoute.ai, a level 4 self-driving solution provider to OEM Tier 1 suppliers, and ride-hailing and logistics companies.
Zeekr Intelligent Tech, the luxury EV making arm of Chinese automaker Geely Automobile Holdings Limited GELYF, attracted investment from biggies such as Chinese battery maker CATL and U.S. chip giant Intel Corporation INTC.
The strategic investment partners, numbering five, will gain a 5.6% stake in Zeekr in exchange for $500 million.
Rivian's IPO a Done Deal: Amazon, Inc. AMZN-backed EV startup Rivian confirmed it has confidentially filed for an IPO and said the IPO will likely take place after the SEC completes its review process, subject to market and other conditions.
Rivian reportedly expects to list its shares around Thanksgiving and is aiming for a valuation of around $80 billion.
EV Stock Performances for The Week:
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