As the market rebounded, helped by a positive start to the earnings season, most electric vehicle stocks rose in the week ending Oct. 21.
This week’s EV news feed was headlined by the market leader Tesla, Inc TSLA results report.
Here are the key events to update EV investors:
Tesla’s present, future perfect: Tesla’s third-quarter revenue and auto gross margin missed estimates, generating negative sentiment against the stock.
CEO Elon Musk sounded positive on the earnings call. He suggested the fourth quarter is likely to be “epic.” The semi-launch event will be held on December 1, the billionaire confirmed. The company aims to scale up semi-finished products 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 each three-month voting cycle, voters can cast multiple votes to help it decide on new locations for its superchargers.
Tulipshare, a shareholder platform for the retail industry, urged Tesla to link executive pay to environmental, social and governance factors, Reuters reported. The group said it plans to table a shareholder resolution on the issue during the electric car maker’s annual shareholder meeting in 2023. So far, CEO Musk’s compensation is tied to the company’s financial performance.
With Twitter, Inc. TWTR the deal deadline is approaching, analysts, incl Gary Black of the Future Fund, expects Musk to unload more Tesla shares next week. Black predicts a rally in Tesla shares as the Twitter deal overhang is lifted.
See also: Elon Musk says this is the “closest we’ve been” to World War III since 1962 as he warns of a global recession lasting until spring 2024
GM’s Cadillac Unveils $300,000 EV: General Motors Corporation GM Cadillac announced an ultra-luxury electric car named the Celestiq at a whopping $300,000 plus, which would go into production late next year. Not many are convinced that there will be an appeal for the more expensive car and began to draw parallels with Apple, Inc AAPL now discontinued 18K gold Apple Watch Edition.
Do carmakers want to double spending? Spending on electric cars and batteries and battery materials is expected to increase to $1.2 trillion by 2030, Reuters reported, citing public data and forecasts from automakers.
Automakers are looking to build 54 million battery electric vehicles in the same time frame, accounting for about 50% of total vehicle production, the report said.
Rivian is almost done fixing recalled vehicles: Rivian Automotive, Inc. TORN CEO RJ Scaringe said at a TechCrunch conference that the company has fixed a significant majority of the more than 12,000 vehicles it recalled this month.
The recall was initiated to fix a loose bracket connecting the front upper control arm and the steering spindle.
He also suggested that Rivian is enthusiastic about the e-bike space. The CEO suggested that it will 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 firm order for 9,300 electric vehicles from Kingbee, a van rental provider, with an option to increase to 18,600 vehicles. Kingbee will outfit, wrap and deliver Canoo vehicles as turnkey fleet solutions for corporate and small and medium business customers across the US
Read next: Best electric vehicle stocks
EV stock performance for the week:
Cadillac Celestiq. Courtesy photo.