• Sat. Dec 21st, 2024

Tesla’s Price Cuts Gives Rivals Jitters, Lucid Exceeds Lowered Bar, Nikola’s Facility Consolidation And More: Biggest EV Stories Of The Week – Tesla (NASDAQ:TSLA)

ByShanthi Rexaline

Jan 14, 2023
Tesla's Price Cuts Gives Rivals Jitters, Lucid Exceeds Lowered Bar, Nikola's Facility Consolidation And More: Biggest EV Stories Of The Week - Tesla (NASDAQ:TSLA)

[ad_1]

Electric vehicle stocks rebounded with vigor in the week that ended on Jan. 13, lifted by the broader market strength. Most of them saw double-digit gains from their depressed levels. That said, as production and demand headwinds persist, it could be too early to call for a bottom.

Now, here are the key events that happened in the EV space during the week:

Tesla’s US Price Cuts, Cybertruck Updates: EV market pioneer Tesla, Inc. TSLA announced Friday steep price cuts across its vehicle models in the U.S., leaving investors and analysts with mixed feelings. While worries over the impact of the price cuts on margins intensify, most are convinced that the move will help lift volume and in turn snare market share from rivals, including the ICE vehicles of legacy automakers.

All automakers and EV manufacturers saw their shares sell off in Friday’s session.

Even as the price cuts took the spotlight during the week, there was much chatter about Tesla’s highly anticipated Cybertruck. IDRA’s Giga Press meant to manufacture the EV pickup truck’s frame was being assembled at Giga Texas’ production floor, Teslarati reported, citing YouTuber Joe Tegtmeyer. The vehicle is touted as a breakthrough product making a real difference for Tesla as it emerges out of a fundamentally challenged period. Commercial deliveries of the Cybertruck are rumored to begin by the end of the year.

See also: Best Electric Vehicle Stocks

Lucid Exceeds Twice Lowered Guidance: After a disappointing production update from rival Rivian Automotive, Inc. RIVN, Lucid Group, Inc. LCID reported that its 2022 deliveries came in at 7,180, ahead of its guidance of 6,000-7,000 units. The Newark, California-based upstart cut its production twice this year. In late February, the company lowered the number from 20,000 units to 12,000-14,000 units, and in early August it reduced the production number further.

Rivian’s Loses Key Executives: Close on the heels of Rivian’s deliveries miss, The Wall Street Journal reported that several key executives recently left the company. Rivian later confirmed to Benzinga that the executive departures were routine corporate actions and that it has recently hired several executives as well.

Lordstown Founder Sells Stocks Worth $4.3M: Lordstown Motors Corp.’s RIDE founder and former CEO Steve Burns sold about $4.3 million worth of stock this week. Burns left the company in 2021 amid short-seller Hindenburg’s allegations that the EV maker’s preorders were largely fictitious.

Nikola Moves Battery Making To Arizona: Nikola Corp. NKLA announced its decision to move its battery manufacturing from Cypress, California to the Coolidge, Arizona facility. The move, expected to be completed by the early third quarter, will bring the company’s truck assembly, fuel cell power module assembly, and battery module and pack production under one roof. This would aid in improving quality and efficiencies, the company said.

Read next:  Is Tesla The New Meme Stock In Town? Retail Interest Surges To Record High Amid Reversal In Sentiment

EV Stock Performances for The Week:

Photo: courtesy of Shutterstock.

[ad_2]

Image and article originally from www.benzinga.com. Read the original article here.