As the market staged a rebound, helped by a positive start to the earnings season, most electric vehicle stocks advanced in the week ended Oct. 21.
The week’s EV news flow was headlined by market leader Tesla, Inc.’s TSLA earnings report.
Here are the key events to bring EV investors up to date:
Tesla’s Present Tense, Future Perfect: Tesla’s third-quarter revenue and automotive gross margin came in shy of estimates, generating negative sentiment toward the stock.
CEO Elon Musk sounded upbeat on the earnings call. He suggested the fourth quarter will likely be “epic.” The Semi launch event will be held on Dec. 1, the billionaire confirmed. The company targets scaling up Semi manufacturing to 50,000 by 2024.
Tesla shared on its official Twitter account a link to vote for supercharger locations, and those with a Tesla account can cast their votes. The company said that in every three-month voting cycle, voters can cast multiple votes to help it decide on new locations for its superchargers.
Tulipshare, a retail shareholder platform, called upon Tesla to link executive pay to environmental, social and governance factors, Reuters reported. The group said it plans to submit a shareholder resolution on the matter during the EV maker’s annual meeting of stockholders in 2023. So far, CEO Musk’s compensation is tied to the company’s financial performance.
With the Twitter, Inc. TWTR deal deadline approaching, analysts, including Gary Black of Future Fund, expect Musk to offload more Tesla shares next week. Black predicts a rally in Tesla shares once the Twitter deal overhang lifts.
GM’s Cadillac Unveils $300,000 EV: General Motors Corporation’s GM Cadillac announced an ultra-luxury EV named Celestiq priced at a whopping $300,000-plus, which would go into production by the end of next year. Not many are confident that there will be takers for the pricier car and began drawing parallels with Apple, Inc.'s AAPL now-defunct 18K Gold Apple Watch Edition.
Automakers To Double Spending? Spending on EVs as well as batteries and battery materials is expected increase to $1.2 trillion through 2030, Reuters reported, citing public data and projections released by automakers.
Automakers are looking to build 54 million battery EVs by the same time frame, accounting for about 50% of total vehicle production, the report said.
Rivian Almost Through With Fixing Recalled Vehicles: Rivian Automotive, Inc. RIVN CEO R.J. Scaringe said at a TechCrunch conference that the company has fixed a significant majority of the more than 12,000 vehicles that it recalled this month.
The recall was initiated to fix a loose fastener connecting the front upper control arm and the steering knuckle.
He also suggested that Rivian is excited about the e-bike space. The CEO suggested it is going to play an important role in transportation, both for the movement of goods for commercial purposes and also for the movement of people.
Canoo’s Order Book Abounds: Canoo Inc. GOEV announced a binding order for 9,300 EVs from Kingbee, a van rental provider, with an option to increase to 18,600 vehicles. Kingbee will upfit, wrap and deliver Canoo vehicles as work-ready fleets solutions for enterprise and small- and medium-size business customers across the U.S.
Read Next: Best Electric Vehicle Stocks
EV Stock Performance For The Week:
The Cadillac Celestiq. Courtesy photo.
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