Macro concerns continue to weigh on the electric vehicle space, with stocks falling for most of the week ended October 7th. market leader Tesla, Inc. TSLA had a dismal week, down about 15%, amid a negative reaction to third-quarter deliveries and the ongoing bickering in between Twitter, Inc. TWTR and Elon Musk over the latter’s suggestion to buy the former.
Well, here are the main events that took place in the EV space during the week:
Tesla Product Updates: Musk tweeted this week that Tesla Semi will be made available PepsiCo, Inc. PEP from December 1st and this was later confirmed by the drinks giant. This would bring the number of vehicles in his lineup to five. The announcement comes as a surprise as the Semi, first announced in 2017, was not expected to go into production until 2023. The Tesla CEO also spoke of a range of 500 miles.
Meanwhile, IDRA Group’s 9,000-ton Giga-Press, which will be used to build Tesla’s Cybertruck, has reportedly arrived in Texas and should soon reach the Austin Gigafactory. In a reply to a Teslaratti story in Giga Press, Musk said he can’t wait to see this beast in action!
I can’t wait to see this beast in action!
— Elon Musk (@elonmusk) October 7, 2022
The Cybertruck is expected to hit the market in 2023.
The sharp drop in Tesla shares this week, the stock’s worst drop since March 2020, was primarily a function of concerns about possible stock sales by Musk to fund the proposed Twitter purchase. future fund Gary Black says the stock will remain under pressure until Musk clarifies this.
Rivian’s Mixed Week: Rivian Automotive, Inc. RIVN started the week with good news. The EV startup reported third-quarter production and deliveries that beat expectations. By the end of the week, the company had to deal with the recall of all vehicles so sold over potential fastener issues.
Also Read: Tesla shares remain under pressure after Twitter deal news, says analyst – unless Elon Musk relents
More heads are rolling at Faraday Future: Faraday Future Intelligent Electric Inc. FFIE announced on Thursday that its executive chairman Sue Swensonand its directors Scott Vogel and Jordan Vogel resigned from their respective offices. The company clarified that the proposed transition was hastened by death threats and baseless allegations against certain directors. The company also announced this Adam He takes on the role of non-executive chair on an interim basis.
Nio Deepens European Expansion: Chinese EV startup Nio, Inc. NEVER held its European launch event in Berlin on Friday, revealing details of its products and services for markets including Germany, the Netherlands and Sweden. The ET7, ET5 and EL7, all derived from the new NT2 platform, would be available in those countries along with innovative subscription models, the EV maker said.
Ford raises F-150 Blitz price: Cornered by input price inflation, Ford Motor Company f said it would increase the price of its 2023 model year F-150 Lightning EV pickup truck by $5,000 to between $52,000 and $97,000, depending on model type. This marks a consecutive price increase as the company only announced a round of price increases in August. The company also reported September sales, with total call sales down about 9% year over year, while EV sales nearly doubled over the month.
Continue reading: The Best Electric Vehicle Stocks
EV stock performance for the week: