Electric vehicle stocks turned in a mixed performance in the week ended May 26 with the broader market sentiment and some company-specific catalysts dictating sentiment. Market leader Tesla, Inc. TSLA ended the week at nearly a two-month high.
Here are the key events that happened in the EV space during the week:
Tesla's Ford Partnership, Model Y Feat And More: Tesla and legacy automaker Ford Motor Co. F announced a partnership this week that will provide the latter's EV customers access to the former's Supercharger network in the U.S. and Canada beginning in spring 2024. Announcing this win-win partnership on Twitter Spaces, Tesla CEO Elon Musk and Ford's Jim Farley said the number of fast-charging stations available to Ford EV customers will double.
Ford vehicles can plug into Tesla's Superchargers through an adapter and software integration along with activation and payment via FordPass or Ford Pro Intelligence. Ford also said its next-gen EVs will come with a North American Charging Standard connector built in, eliminating the need for an adapter to access Tesla Superchargers.
JATO data from 53 global markets shows that Tesla's Model Y was the bestselling car in the first quarter, Motor1 reported. This marks the first time an EV has earned this distinction, the report added.
The official Twitter handle of the company acknowledged the feat through a tweet.
In another development, a Reuters report said Tesla is exporting made-in-China cars to North America for the first time. MIC Model 2 and Model Y cars are listed for sale in Canada, the report added. These cars will also benefit from the C$5,000 ($3,695) federal incentive in Canada, as the nation does not have requirements that dictate where the EVs must be built.
Rivian Readying For Next Product? Rivian Automotive, Inc. RIVN CEO R.J. Scaringe and Design Head Jeff Hammoud, during an Instagram Q&A session, showed off a clay model of the R2, a smaller EV and potentially the third one from the company's lineup.
The vehicle appears to have the same boxy profile as the R1 SUV, although the former is slightly smaller in size. Motor Authority said the R2 will likely be a more affordable, higher-volume EV and will likely be made at the new Georgia factory.
See also: Best Electric Vehicle Stocks
Nikola Gets Delisting Notice: Struggling EV truck maker Nikola Corp. NKLA said that Nasdaq has served it a delisting notice for not meeting the standards regarding the minimum price requirement. Separately, the company asked its shareholders to vote for a proposal to allow it to increase the number of authorized common stock. The annual shareholder meeting is scheduled to be held on June 6. If approved, it will give some respite to the cash-strapped company.
China's Nio Launches ES6: Chinese electric vehicle startup Nio, Inc. NIO held an event this week to launch its all-new ES6 SUV, which will be known as the EL6 in Europe. The company said the vehicle will come standard with 23 safety and driver assistance features and have a range of up to 625 kilometers when powered by a 100 kilowatt-hour battery pack. Starting price for the ES6 powered by a 75-kWh battery pack is 368,000 yuan ($52,220). Deliveries of the new ES6 the same night it went on sale, CnEVPost reported.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Faraday Future’s FF91 Passes Crash Test: Faraday Future Intelligent Electric Inc. FFIE said its FF 91 EV successfully passed the Federal Motor Vehicle Safety Standard crash test requirements, including the front, side and rear crash tests. The company said it has planned a three-step launch event, and, as a first step, will give its Futurist Product Officers a first look and allow them the first chance to pay in full to reserve. This is slated for May 31st, the company said.
In the second phase, the FPOs will take possession of the reserved vehicle.
Read Next: Tesla To The Moon? Why Elon Musk Hints Nvidia’s Large-Cap Dominance Is Only ‘For Now'
EV Stock Performances for The Week:
| Weekly Change | |
| Tesla | +3.50% |
| Nio | +3.56% |
| XPeng | +9.47% |
| Li Auto | +1.83% |
| Fisker | -3.42% |
| Workhorse | +14.63% |
| Lordstown | -35.74% |
| Hyzon | -1.22% |
| Canoo | -6.31% |
| Rivian | +4.60% |
| Lucid | -2.65% |
| Faraday Future | +40.65% |
| Arrival | -10.75% |
| Nikola | +10.53% |
| Kandi Technologies | -6.29% |
| Blink Charging | +0.56% |
| Quantamscape | -8.71% |
Photo: Shutterstock
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