Most electric vehicle stocks advanced in the week that ended on March 1, riding on the broader market strength, with market leader Tesla, Inc. TSLA closing above the $200 mark for the first time since mid-February.
Here are the key events that happened in the EV space during the week:
Tesla’s Roadster Update, Model Y Price Cut Reversion And More: Tesla’s much-delayed Roadster could finally see the light of day. CEO Elon Musk said in a post that the company has “radically increased” design goals for the car and that the production design will be completed and unveiled by the end of 2024. The sports car, which was originally announced in 2017, will accelerate from zero to 60 miles per hour in less than one second, and will be developed in collaboration with SpaceX, he said.
“There will never be another car like this, if you could even call it a car,” Musk said in the post.
The week also saw Tesla reversing the $1,000 price cut for the Model Y RWD and Model Y LR variants in the U.S. that had been in effect for much of February. The two variants now cost $43,990 and $48,990, respectively, not counting for the $7,500 EV tax credit. At the same time, Tesla began offering additional incentives in China for its Model 3 and Model Y EVs, which will run through March. The move comes amid intensifying competition in the country.
S&P Global Mobility announced Tesla as the automaker having the most overall loyalty to make, given the traction its best-sellers Model Y and 3 are having among customers.
Apple Pulls Plug On Self-Driving Car Project: The ten years of investment Apple, Inc. AAPL made in its self-driving car project have gone down the drain, as the company has reportedly decided to shelve plans. The move comes amid the tech giant doubling down on its AI initiatives. The project, dubbed Titan, kickstarted in 2014, with the company apportioning money and personnel to get an Apple car on track.
The development elicited mixed reaction from analysts. Deepwater Asset Management’s Gene Munster lamented that an Apple car would have been epic, while others said that it only makes sense that Apple chose to go ahead with generative AI, which is expected to boom over the next few years.
See Also: Best Electric Vehicle Stocks
Fisker Eyes Partnership To Stay Afloat: Fisker, Inc. FSR said it is close to attracting investment from a large automaker after it flagged concerns in its fourth-quarter preliminary earnings report. The potential transaction could include an investment in Fisker, the joint development of one or more electric vehicle platforms, and manufacturing in North America, it said. Reports said the unnamed automaker could possibly be Japanese auto giant Nissan Motor Co., Ltd. NSANY.
Biden Administration To Clamp Down On Chinese EV Foray: President Joe Biden said this week that his administration would block the entry of Chinese internet-connected vehicles into the U.S., citing security risk. He said that such vehicles could send sensitive information back to China.
“I have directed my Secretary of Commerce to conduct an investigation into connected vehicles with technology from countries of concern and to take action to respond to the risks,” the president said in a statement.
The move was seen as the first of multiple measures the Biden administration plans to take to prevent the flooding of low-cost China-made EVs, including ones assembled in Mexico, in the U.S. market.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Canoo Gets Shareholder Nod For Reverse Split: In a special meeting of shareholders held on Feb. 29, Canoo, Inc. GOEV shareholders approved a proposal to effect a reverse split of its common stock in a ratio ranging from 1:2 to 1:30. The lifestyle EV manufacturer’s stock is in penny-stock territory as the company struggles to ramp up production — even as it has begun deliveries of its electric delivery vans to some of its customers.
The KraneShares Electric Vehicles and Future Mobility Index ETF KARS ended Friday’s session UP 2.35% to 0.05% at $21.64, according to Benzinga Pro data. For the week, the ETF climbed 6.89%.
EV Stock Performances For Week:
| Performances (+/-) | |
| Tesla | +5.56% |
| Nio, Inc. NIO | +7.04% |
| XPeng, Inc. XPEV | +15.30% |
| Li Auto, Inc. LI | +25.12% |
| Fisker | -18.22% |
| Workhorse Group, Inc. WKHS | +17.54% |
| Hyzon Motors, Inc. HYZN | +5.36% |
| Canoo | -9.33% |
| Rivian, Inc. RIVN | +12.71% |
| Lucid Group, Inc. LCID | +10.27% |
| Faraday Future Intelligent Electric, Inc. FFIE | -23.26% |
| Nikola Corp. NKLA | -4.24% |
| VinFast Auto Ltd. VFS | +14.43% |
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